v3.19.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Weighted-Average Assumptions of Options Granted
The following table presents the weighted-average assumptions used to determine the fair value of options granted for the periods indicated:
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Risk-free interest rate
 
2.58
%
 
2.08
%
 
—
%
Expected term
 
6.18 years

 
6.50 years

 
0.00 years

Expected stock price volatility
 
37.10
%
 
42.72
%
 
—
%
Dividend yield
 
0.78
%
 
0.89
%
 
—
%
 
 
 
 
 
 
 
Summary of Option Activity
The following table presents information related to the stock option plan for the periods indicated:
 
 
Year Ended December 31,
($ in thousands, except per share data)
 
2018
 
2017
 
2016
Intrinsic value of options exercised
 
$
601

 
$
235

 
$
597

Cash received from options exercised
 
310

 
134

 
569

Tax benefit from options exercised
 
21

 
6

 
22

Weighted-average estimated fair value per share of options granted
 
$
5.71

 
$
5.08

 
$
—

 
 
 
 
 
 
 
The following table represents stock option activity as of and for year ended December 31, 2018:
 
 
Year Ended December 31, 2018
($ in thousands except per share data)
 
Number of Shares
 
Weighted-Average Exercise Price Per Share
 
Weighted-Average Contractual Term
 
Aggregated Intrinsic Value
Outstanding at beginning of year
 
859,635

 
$
8.84

 
7.10 years
 
$
6,155

Granted
 
110,000

 
$
15.36

 
10.00 years
 
 
Exercised
 
(51,621
)
 
$
5.99

 
5.29 years
 
 
Forfeited
 
(19,723
)
 
$
10.14

 
6.93 years
 
 
Balance at end of year
 
898,291

 
$
9.81

 
6.55 years
 
$
5,243

Exercisable at end of year
 
551,017

 
$
8.33

 
5.82 years
 
$
4,034

 
 
 
 
 
 
 
 
 

The following table represents information regarding unvested stock options for the year ended December 31, 2018:
 
 
Year Ended December 31, 2018
 
 
Number of Shares
 
Weighted-Average Exercise Price Per Share
Outstanding at beginning of year
 
578,154

 
$
9.96

Granted
 
110,000

 
$
15.36

Vested
 
(323,553
)
 
$
9.41

Forfeited
 
(17,327
)
 
$
10.24

Balance at end of year
 
347,274

 
$
12.17