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Stock Based Compensation
 6 Months Ended
Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Based Compensation

13. Stock-Based Compensation—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, “Share-Based Payment,” which requires the measurement and recognition of compensation for all share-based payment awards made to employees and directors including shares of common stock granted for services and employee stock options based on estimated fair values.

 

The following tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average amortization period for the three and six months ended June 30, 2020 and 2019.

 

 

 

Stock-Based

Compensation

for the Three

months ended

 

 

Stock-Based

Compensation

for the Six

months ended

 

 

Unamortized

Stock-Based

Compensation

 

 

Remaining

Weighted

Average

Period (years)

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

$

702

 

 

$

1,478

 

 

$

3,861

 

 

 

1.5

 

Unrestricted Stock

 

 

118

 

 

 

241

 

 

 

403

 

 

 

0.9

 

Performance-Based Restricted Stock

 

 

368

 

 

 

826

 

 

 

1,873

 

 

 

1.5

 

Total

 

$

1,188

 

 

$

2,545

 

 

$

6,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

$

981

 

 

$

1,669

 

 

$

8,091

 

 

 

2.2

 

Unrestricted Stock

 

 

99

 

 

 

195

 

 

 

385

 

 

 

0.9

 

Performance-Based Restricted Stock

 

 

430

 

 

 

1,131

 

 

 

3,863

 

 

 

2.2

 

Total

 

$

1,510

 

 

$

2,995

 

 

$

12,339

 

 

 

 

 

 

The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the three and six months ended June 30, 2020 and 2019.

 

Restricted and Unrestricted Stock — A summary of non-vested shares as of, and for, the three and six months ended June 30, 2020 and 2019 is presented below:

 

 

 

Six Months Ended

June 30, 2020

 

 

Six Months Ended

June 30, 2019

 

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Nonvested shares at December 31st

 

 

719,845

 

 

$

17.67

 

 

 

587,210

 

 

$

17.59

 

Granted

 

 

4,185

 

 

 

18.63

 

 

 

290,679

 

 

 

17.34

 

Vested

 

 

(213,781

)

 

 

16.18

 

 

 

(105,582

)

 

 

15.21

 

Forfeited

 

 

(14,715

)

 

 

18.08

 

 

 

(6,589

)

 

 

17.69

 

Nonvested shares at March 31st

 

 

495,534

 

 

 

18.31

 

 

 

765,718

 

 

 

17.77

 

Granted

 

 

43,168

 

 

 

13.45

 

 

 

40,522

 

 

 

13.34

 

Vested

 

 

(37,958

)

 

 

13.88

 

 

 

(32,771

)

 

 

13.35

 

Forfeited

 

 

(8,221

)

 

 

18.64

 

 

 

(21,184

)

 

 

17.77

 

Nonvested shares at June 30th

 

 

492,523

 

 

$

18.22

 

 

 

752,285

 

 

$

17.72

 

 

 

Performance-Based Restricted Stock — A summary of non-vested performance-based shares as of, and for, the three and six months ended June 30, 2020 and 2019, respectively is presented below:

 

 

 

Six Months Ended

June 30, 2020

 

 

Six Months Ended

June 30, 2019

 

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Nonvested shares at December 31st

 

 

345,432

 

 

$

16.92

 

 

 

287,077

 

 

$

16.87

 

Granted

 

 

—

 

 

 

—

 

 

 

137,557

 

 

 

16.47

 

Additional granted based on performance achievement

 

 

76,445

 

 

 

16.56

 

 

 

41,568

 

 

 

12.88

 

Vested

 

 

(184,785

)

 

 

15.87

 

 

 

(90,872

)

 

 

14.73

 

Forfeited

 

 

(3,759

)

 

 

17.23

 

 

 

(3,543

)

 

 

15.98

 

Nonvested shares at March 31st

 

 

233,333

 

 

 

17.63

 

 

 

371,787

 

 

 

16.81

 

Forfeited

 

 

(2,268

)

 

 

18.00

 

 

 

(14,022

)

 

 

17.11

 

Nonvested shares at June 30th

 

 

231,065

 

 

$

17.63

 

 

 

357,765

 

 

$

16.80

 

 

Stock Options — The Company has stock options outstanding under its incentive stock option plans and performance incentive stock option plan. All outstanding stock options are vested and exercisable. The following tables present details for each type of plan:

Incentive Stock Option Plans

Activity for the three and six months ended June 30, 2020:

 

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2019

 

 

332,823

 

 

$

9.14

 

Options exercised

 

 

(15,836

)

 

 

8.83

 

Balance outstanding, March 31, 2020

 

 

316,987

 

 

 

9.16

 

Options exercised

 

 

(9,291

)

 

 

8.27

 

Balance outstanding, June 30, 2020

 

 

307,696

 

 

$

9.18

 

 

Outstanding at June 30, 2020, summarized by exercise price:

 

 

 

Outstanding Weighted

Average

 

 

Exercise Price Per Share

 

Number of

Shares

 

 

Remaining

Life

(Months)

 

 

Exercise

Price

 

 

$7.50

 

 

177,650

 

 

 

5

 

 

$

7.5

 

 

$11.32—$14.49

 

 

130,046

 

 

 

52

 

 

$

11.48

 

 

 

 

 

307,696

 

 

 

 

 

 

$

9.18

 

 

 

Performance Incentive Stock Option Plan

Activity for the three and six months ended June 30, 2020:

 

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2019

 

 

120,782

 

 

$

11.49

 

Options exercised

 

 

(3,035

)

 

 

11.49

 

Balance outstanding, March 31, 2020 and June 30, 2020

 

 

117,747

 

 

$

11.49

 

 

All the performance incentive stock options outstanding as of June 30, 2020 have an exercise price per share of $11.49 and a remaining life of 54 months.