Note 6. Stock‑Based Compensation Plan

The Company’s Amended and Restated 2008 Option Plan (the Plan), which is stockholder‑approved, was adopted to advance the interests of the Company by providing selected key employees of the Company, their affiliates, and directors with the opportunity to acquire shares of common stock. In June 2018, the stockholders approved an amendment to the Amended and Restated 2008 Plan to extend the term and increase the number of shares authorized for issuance under the Plan by 200,000 shares.

The maximum number of shares with respect to which awards may be made is 2,529,296 shares of common stock, subject to adjustment for certain corporate events. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant, generally vest annually over four years of continuous service and have ten year contractual terms. At June 30, 2019, 241,167 shares were available to grant under the Plan.

No options were granted during the six months ended June 30, 2019 and 2018, respectively.

A summary of option activity under the Plan as of June 30, 2019, and changes during the three months ended is presented below:


				Weighted-
		Weighted-		Average
	Number	Average		Remaining	Aggregate
	of	Exercise		Contractual	Intrinsic
Options	Shares	Price		Term	Value (1)
Outstanding at January 1, 2019	1,976,247	$	8.00	4.98
Granted	—		—
Exercised	(127,157)		6.83
Forfeited or expired	(1,563)		11.52
Outstanding at June 30, 2019	1,847,527	$	8.08	4.58	$	20,957,235
Exercisable at June 30, 2019	1,764,502	$	7.91	4.47	$	20,303,063

(1) The aggregate intrinsic value of stock options represents the total pre‑tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2019. This amount changes based on changes in the market value of the Company’s stock.

The compensation cost that has been charged to income for the plan was $107 thousand and $178 thousand for the three months ended June 30, 2019 and 2018, respectively. Total compensation cost for the six months ended June 30, 2019 and 2018 was $272 thousand and $350 thousand, respectively. As of June 30, 2019, there was unamortized compensation expense of $159 thousand that will be amortized over 10 months. The total income tax benefit related to stock options exercised and recognized in the income statement for share-based compensation arrangements was $0 and $91 thousand for the three months ended June 30, 2019 and 2018, respectively. Tax benefits recognized for nonqualified stock options during the six months ended June 30, 2019 and 2018 totaled $108 thousand and $283 thousand, respectively.

A summary of the Company’s restricted stock grant activity as of June 30, 2019 is shown below.


		Weighted Average
	Number of	Grant Date
	Shares	Fair Value
Nonvested at January 1, 2019	50,629	$	17.57
Granted	1,000		17.25
Vested	—		—
Forfeited	(2,750)		18.68
Balance at June 30, 2019	48,879	$	17.50

As of June 30, 2019, there was $689 thousand of total unrecognized compensation cost related to nonvested restricted shares granted under the Plan. The cost is expected to be recognized over a weighted‑average period of 29 months.