The Company has a Long Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006 and as amended in May 2015. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2025, or the date the maximum number of available awards under the 2006 Plan have been granted.

Restricted Stock

The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are recorded at the market value of the Company's common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur.

The following summarizes the status of Restricted Stock and changes during the six months ended June 30, 2020:



	Number of Shares		Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2019	343,919		$	9.37
Granted	287,750		4.62
Vested	(87,344	)	10.69
Forfeited	(8,385	)	13.72
Unvested balance at June 30, 2020	535,940		$	6.54

At June 30, 2020 and 2019, there was $2,249,000 and $2,736,000, respectively, of total unrecognized compensation expense, related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 2.6 years. Total compensation cost related to restricted stock grants for the three months ended June 30, 2020 and 2019 was $357,000 and $413,000, respectively, all of which was recorded to selling, general and administrative expense. Total compensation cost related to restricted stock grants for the six months ended June 30, 2020 and 2019 was $649,000 and $763,000, respectively, all of which was recorded to selling, general and administrative expense

During the six months ended June 30, 2020 and 2019, employees surrendered no shares and 7,744 shares of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted awards.

Stock Appreciation Rights

As part of the Company's 2019 annual grant, Stock Appreciation Rights ("SARs") were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model.

A summary of the Company's stock appreciation rights activity for the quarter ended June 30, 2020 is as follows:



	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2019	222,112		$	2.57
Granted	—		—
Exercised	—		—
Forfeited	(27,266	)	2.57
Outstanding at the period ended June 30, 2020	194,846		$	2.57
Exercisable at the period ended June 30, 2020	84,300		$	2.57

The average remaining contractual term for those SARs outstanding at June 30, 2020 is 3.8 years, with no aggregate intrinsic value. At June 30, 2020 and 2019, there was $260,000 and $478,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to SARs. Total compensation cost related to SARs for the three months ended June 30, 2020 and 2019 was $31,000 and $103,000, respectively, all of which was recorded to selling, general and administrative expense. Total compensation cost related to SARs for the six months ended June 30, 2020 and 2019 was $55,000 and $103,000, respectively, all of which was recorded to selling, general and administrative expense. That cost is expected to be recognized over the weighted-average period of 1.8 years.