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Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option And Stock Award Plans
STOCK OPTION AND STOCK AWARD PLANS
Tredegar has one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Employee options granted from 2012 to 2014 vested over a four-year period, with a quarter of the options granted vesting on each year on the grant date anniversary. Two stock option grants were made in 2017, with one cliff vesting after two years and the other cliff vesting after three years. No stock options were granted in 2015 and 2016. The option plan also permits the grant of stock appreciation rights (“SARs”), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. Stock unit awards vest upon the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.
A summary of stock options outstanding at December 31, 2017, 2016 and 2015, and changes during those years, is presented below:
 
 
 
Option Exercise Price/Share
  
Number of
Options
 
Range
 
Weighted
Average
Outstanding at January 1, 2015
1,164,120

 
$
14.06

 
to
 
$
30.01

 
$
19.59

Granted
—

 
—

 
to
 
—

 
—

Forfeited and expired
(60,207
)
 
17.13

 
to
 
30.01

 
22.30

Exercised
(222,400
)
 
14.06

 
to
 
19.84

 
16.34

Outstanding at December 31, 2015
881,513

 
17.13

 
to
 
30.01

 
20.22

Granted
—

 
—

 
to
 
—

 
—

Forfeited and expired
(246,394
)
 
17.13

 
to
 
30.01

 
18.90

Exercised
(134,200
)
 
17.13

 
to
 
19.84

 
17.23

Outstanding at December 31, 2016
500,919

 
17.13

 
to
 
30.01

 
21.67

Granted
209,551

 
15.65

 
to
 
15.65

 
15.65

Forfeited and expired
(60,685
)
 
17.13

 
to
 
30.01

 
21.42

Exercised
(41,265
)
 
19.84

 
to
 
19.84

 
19.84

Outstanding at December 31, 2017
608,520

 
$
15.65

 
to
 
$
24.84

 
$
19.75


The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2017:
 
 
 
 
 
 
Options Outstanding at December 31, 2017
 
Options Exercisable at December 31, 2017
 
 
 
 
 
 
 
 
Weighted Average
 
Aggregate Intrinsic Value
(In thousands)
 
 
 
 
 
Aggregate Intrinsic Value
(In thousands)
Range of
Exercise Prices
 
Shares
 
Remaining Contractual Life (Years)
 
Exercise
Price
 
 
Shares
 
Weighted
Average
Exercise
Price
 
$
—

 
to
 
$
15.00

 
—

 
0.0
 
$
—

 
$
—

 
—

 
$
—

 
$
—

15.01

 
to
 
17.50

 
209,551

 
6.4
 
15.65

 
743,906

 
—

 
—

 
—

17.51

 
to
 
20.00

 
171,460

 
2.2
 
19.58

 
429

 
171,460

 
19.58

 
429

20.01

 
to
 
25.00

 
227,509

 
5.6
 
23.64

 
—

 
214,198

 
23.71

 
—

Total
 
608,520

 
4.9
 
$
19.75

 
$
744,335

 
385,658

 
$
21.88

 
$
429


During 2015, the Board of Directors approved the accelerated vesting of stock options and restricted stock for several Tredegar executives who left the Company. Compensation expense recognized in 2015 for accelerated stock option vestings (0.4 million shares) and accelerated restricted stock vestings (0.1 million shares) totaled $0.4 million and $1.0 million, respectively.
The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2017, 2016 and 2015:
 
Unvested Restricted Stock
 
Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In thousands)
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In thousands)
Outstanding at January 1, 2015
188,058

 
$
22.48

 
$
4,227

 
129,713

 
$
24.99

 
$
3,241

Granted
147,666

 
18.87

 
2,786

 
144,582

 
18.47

 
2,670

Vested
(174,145
)
 
20.57

 
(3,582
)
 
—

 
—

 
—

Forfeited
(29,226
)
 
21.42

 
(626
)
 
(107,167
)
 
20.78

 
(2,227
)
Outstanding at December 31, 2015
132,353

 
21.19

 
2,805

 
167,128

 
22.04

 
3,684

Granted
144,546

 
13.47

 
1,947

 
136,986

 
11.34

 
1,553

Vested
(52,167
)
 
21.56

 
(1,125
)
 
—

 
—

 
—

Forfeited
(17,377
)
 
18.97

 
(330
)
 
(65,685
)
 
20.24

 
(1,329
)
Outstanding at December 31, 2016
207,355

 
15.90

 
3,297

 
238,429

 
16.39

 
3,908

Granted
107,362

 
18.29

 
1,964

 
46,205

 
17.38

 
803

Vested
(50,154
)
 
19.72

 
(989
)
 
—

 
—

 
—

Forfeited
(57,887
)
 
16.16

 
(935
)
 
(112,501
)
 
17.73

 
(1,995
)
Outstanding at December 31, 2017
206,676

 
$
16.15

 
$
3,337

 
172,133

 
$
15.78

 
$
2,716


The total intrinsic value of stock options exercised was $0.2 million in 2017, $0.2 million in 2016 and $1.0 million in 2015. The grant-date fair value of stock option-based awards vested was $0.4 million in 2017, $0.4 million in 2016 and $1.9 million in 2015. As of December 31, 2017, there was unrecognized compensation cost of $0.6 million related to stock option-based awards and $2.2 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 1.65 years for stock option-based awards and 1.3 years for non-vested restricted stock and other stock-based awards.
Stock options exercisable totaled 385,658 at December 31, 2017 and 453,067 shares at December 31, 2016. Stock options available for grant totaled 1,704,554 shares at December 31, 2017.