10.Share-Based Compensation Plans

During the three and six months ended June 30, 2019, the Company recognized approximately $365,000 and $731,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019. During the three and six months ended June 30, 2018, the Company recognized approximately $454,000 and $805,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2014 through 2017.

The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2019:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2018	1,173,620	$	27.96
Granted	2,500	$	28.77
Exercised	(18,795)	$	27.75
Forfeited or expired	(2,750)	$	31.94
Outstanding at June 30, 2019	1,154,575	$	27.95	3.7	$	505,000
Exercisable at June 30, 2019	673,092	$	26.89	1.9	$	284,000

*The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on June 28 2019, the last trading day of the quarter, of $26.71 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2019 and 2018:


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	77	$	2,549	$	88	$	3,050
Net proceeds from stock option exercises	$	154	$	1,164	$	161	$	4,048
Income tax benefit from the exercise of stock options	$	20	$	663	$	23	$	793

The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2019:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2018	61,480	$	30.74
Issued	600		28.77
Vested	–		–
Forfeited	–		–
Non-vested at June 30, 2019	62,080	$	30.72	2.2	$	1,658,000

*The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on June 28, 2019, the last trading day of the quarter, of $26.71 multiplied by the number of non-vested restricted shares outstanding.