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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2020
Stock Based Compensation |
Stock Based Compensation | 10. Stock Based Compensation The Company has a Long-Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. 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. The number of shares remaining available for future issuance is 514,823 . Restricted stock granted under the 2006 Plan vest over three years or upon the date of the participants' sixty-fifth birthday, death, disability or change in control. Core Molding Technologies follows the provisions of FASB ASC 718 requi ring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). Restricted Stock The Company grants shares of its common stock to certain directors, officers, and key employees in the form of unvested stock (“Restricted Stock”). These awards are recorded at the market value of Core Molding Technologies ’ common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period. The following summarizes the status of Restricted Stock and changes duri ng the years ended December 31: 2020 2019 2018 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Unvested - beginning of year 343,919 $ 9.37 349,885 $ 10.62 141,095 $ 16.79 Granted 292,886 4.70 135,268 7.65 315,429 11.32 Vested (107,145) 10.21 (117,828) 13.81 (82,067) 16.57 Forfeited (21,825) 9.86 (23,406) 15.02 (24,572) 16.91 Unvested - end of year 507,835 $ 6.35 343,919 $ 9.37 349,885 $ 10.62 At December 31, 2020 and 2019, there was $ 1,614,000 and $ 1,923,000 , 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 1.9 years. Total compensation expense related to restricted stock grants for the years ended December 31, 2020, 2019 and 2018 was $ 1,254,000 , $ 1,369,000 , and $ 1,774,000 , respectively, and is recorded as selling, general and administrative expense. Tax deficiencies in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the years ended December 31, 2020, 2019 and 2018 were a tax deficiency of $ 97,000 , $ 98,000 , and $ 110,000 , respectively. During 2020, 2019 and 2018, employees surrendered 4,574 , 16,047 and 17,180 shares, respectfully, of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted stock. 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 years ended December 31, 2020 and 2019 is as follows: 2020 2019 Number of Shares Wtd. Avg. Grant Date Fair Value Number of Shares Wtd. Avg. Grant Date Fair Value Outstanding - beginning of year 222,112 $ 2.57 — $ — Granted — — 226,021 2.57 Vested — — — — Forfeited (41,187) 2.57 (3,909) 2.57 Outstanding - end of year 180,925 $ 2.57 222,112 $ 2.57 Exercisable - end of year 73,888 $ 2.57 29,028 $ 2.57 The average remaining contractual term for SARs outstanding at December 31, 2020 is 3.3 years, with $ 114,000 aggregate intrinsic value. At December 31, 2020 and 2019, there was $ 179,000 and $ 386,000 , respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to SARs. That cost is expected to be recognized over the weighted- average period of 1.3 years. Total compensation cost related to SARs for the twelve months ended December 31, 2020 and 2019 was $ 101,000 and $ 185,000 , respectively, all of which was recorded to selling, general and administrative expense.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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