Stock Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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.

	Stock-Based Compensation for the Three-months ended		Stock-Based Compensation for the Nine- months ended		Unamortized Stock-Based Compensation		Remaining Weighted Average Period (years)
September 30, 2020
Restricted Stock	$	695	$	2,173	$	3,030		1.3
Unrestricted Stock		110		351		293		0.7
Performance-Based Restricted Stock		426		1,252		1,494		1.3
Total	$	1,231	$	3,776	$	4,817

September 30, 2019
Restricted Stock	$	1,082	$	2,751	$	6,849		2.2
Unrestricted Stock		105		300		280		0.7
Performance-Based Restricted Stock		977		2,108		3,320		2.0
Total	$	2,164	$	5,159	$	10,449

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 nine-months ended September 30, 2020 and 2019.

Restricted and Unrestricted Stock — A summary of nonvested restricted and unrestricted stock is presented below:

	For the Nine-Months Ended September 30, 2020					For the Nine-Months Ended September 30, 2019
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31^st		719,845		$	17.67		587,210		$	17.59
Granted		4,185			18.63		297,679			17.34
Vested		(213,781	)		16.18		(105,582	)		15.21
Forfeited		(14,715	)		18.08		(6,589	)		17.69
Nonvested shares at March 31^st		495,534			18.31		772,718			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 30^th		492,523			18.22		759,285			17.72
Granted		—			—		—			—
Vested		—			—		(3,685	)		17.84
Forfeited		(8,430	)		18.54		(8,595	)		17.89
Nonvested shares at September 30^th		484,093		$	18.22		747,005		$	17.72

Performance-Based Restricted Stock — A summary of nonvested performance-based stock is presented below:

	For the Nine-Months Ended September 30, 2020					For the Nine-Months Ended September 30, 2019
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31^st		345,432		$	16.92		287,077		$	16.87
Granted		—			—		137,557			16.96
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 31^st		233,333			17.63		371,787			16.99
Forfeited		(2,268	)		18.00		(14,022	)		17.11
Nonvested shares at June 30^th		231,065			17.63		357,765			16.99
Additional granted based on performance achievement		—			—		800			17.50
Vested		—			—		(1,700	)		17.28
Forfeited		—			—		(100	)		13.70
Nonvested shares at September 30^th		231,065		$	17.63		356,765		$	16.99

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 of the incentive stock option plans:

	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			9.16
Options exercised		(86,446	)		7.58
Balance outstanding, September 30, 2020		221,250		$	9.81

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

	Outstanding Weighted Average
Exercise Price Per Share	Number of Shares		Remaining Life (Months)		Exercise Price
$7.50		92,888		2	$	7.5
$11.32—$14.49		128,362		49		11.48
		221,250			$	9.81

Performance Incentive Stock Option Plan

Activity of the performance incentive stock option plan:

	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
Options exercised		(3,089	)		11.49
Balance outstanding, September 30, 2020		114,658		$	11.49

All the performance incentive stock options outstanding as of September 30, 2020 have an exercise price per share of $11.49 and a remaining life of 51 months.