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STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2020

5. STOCK-BASED COMPENSATION

The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of September 30, 2020, there were approximately 1,569,700 shares available for grant.

Stock-based compensation for the three and nine months ended September 30, 2020 and 2019 were as follows:

Restricted Stock


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Pre – tax cost	$	1,500	$	544	$	2,657	$	1,626
After tax cost	$	1,170	$	424	$	2,072	$	1,268

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2020:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested shares at December 31, 2019	815,540	$	11.29
Granted	179,000		4.59
Vested	(310,520)		9.36
Forfeited	(5,800)		9.50
Non-vested shares at September 30, 2020	678,220	$	10.43

The total fair value of shares vested was approximately $4,431,000 during the nine months ended September 30, 2020 and approximately $3,818,000 during the nine months ended September 30, 2019.

Other Information

As of September 30, 2020, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,415,000. This cost is expected to be recognized over a weighted-average period of 3.3 years.

For the nine months ended September 30, 2020, approximately $345,000 of excess tax benefit for stock-based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $456,000 for the nine months ended September 30, 2019.