8. Share-Based Compensation Plans

During the three months ended March 31, 2020, the Company recognized $351,000 of compensation expense associated with stock option and restricted stock awards granted in years 2016 through 2019. During the three months ended March 31, 2019, the Company recognized $366,000 of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019.

The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2020:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2019	1,176,770	$	27.14
Granted	—	$	–
Exercised	—	$	–
Forfeited or expired	(4,275)	$	27.78
Outstanding at March 31, 2020	1,172,495	$	27.13	4.4	$	—
Exercisable at March 31, 2020	701,820	$	26.71	2.2	$	—

* 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 March 31, 2020, the last trading day of the quarter, of $20.17 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. All of the Company's stock options were underwater (i.e the respective exercise prices were higher then the closing price of the company’s stock) as of March 31, 2020; therefore, the aggregate intrinsic value is zero.

The following table summarizes the Company’s stock option exercise activity for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	—	$	11
Cash received from stock option exercises	$	—	$	7
Income tax benefit from the exercise of stock options	$	—	$	3

The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2020:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2019	68,735	$	28.04
Issued	—		—
Vested	—		—
Forfeited	—		—
Non-vested at March 31, 2020	68,735	$	28.04	2.5	$	1,386,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2020, the last trading day of the quarter, of $20.17 multiplied by the number of non-vested restricted shares outstanding.