STOCK COMPENSATION

3 Months Ended

Mar. 31, 2019

NOTE I

—

STOCK COMPENSATION

Option Awards

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2019 is as follows:

						Weighted-
				Weighted-		average
				average		remaining
				exercise		contractual		Aggregate
	Options			price		life (years)		intrinsic value
Options outstanding, January 1, 2019		1,548,825		$	13.87
Exercises		(25,000	)		2.19
Cancellations		(4,500	)		13.05
Expirations		(31,000	)		16.53
Options outstanding, March 31, 2019		1,488,325			14.01		3.8	$	219,700
Options exercisable, March 31, 2019		1,273,686		$	13.91		3.0	$	219,700

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on March 31, 2019. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on March 31, 2019 and the exercise price.

Total unrecognized stock option compensation expense at March 31, 2019, before the effect of income taxes, was $

0.9

million and is expected to be recognized over a weighted-average period of

1.5

years.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2019 is as follows:

				Weighted-
				average
	Restricted			grant date
	Shares			fair value
Non-vested restricted shares, January 1, 2019		326,545		$	14.63
Grants		118,250			9.40
Vested		(27,610	)		13.64
Cancellations		(15,564	)		14.52
Non-vested restricted shares, March 31, 2019		401,621		$	13.17
Total unrecognized compensation expense remaining	$	3,813,000
Weighted-average years expected to be recognized over		2.3

The total fair value of restricted stock that vested during the three months ended March 31, 2019 was $

0.3

million.

Performance-based awards

Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals by the end of the performance period, as determined by the Compensation Committee. The shares are subject to the terms and conditions of the Company’s Amended and Restated 2000 Long-Term Incentive Plan (the “Plan”).

A summary of the Company’s performance-based award activity and related information for the three months ended March 31, 2019 is as follows:

				Weighted-
	Performance-			average
	based			grant date
	awards (1)			fair value
Non-vested performance-based awards, January 1, 2019		339,287		$	14.82
Vested		(66,761	)		15.69
Cancellations		(22,517	)		15.75
Non-vested performance-based awards, March 31, 2019		250,009		$	14.50
Total unrecognized compensation expense remaining	$	1,956,000
Weighted-average years expected to be recognized over		1.5

(1)	Represents the target number of shares to be issued for each performance-based award.

The total fair value of performance-based awards that vested during the three months ended March 31, 2019 was $

0.6

million.

The Company recognized total stock compensation expense of $

0.9

million for the three months ended March 31, 2019, of which $

0.1

million represents stock option compensation expense and $

0.8

million represents restricted stock and performance-based compensation expense.

The Company recognized total stock compensation expense of $0.8 million for the three months ended March 31, 2018, of which $0.2 million represents stock option compensation expense and $0.6 million represents restricted stock and performance-based compensation expense.

At March 31, 2019, there were

952,329

shares available for awards that could be granted under the Plan, assuming maximum performance of performance-based awards.