STOCK COMPENSATION

6 Months Ended

Jun. 30, 2019

NOTE I

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STOCK COMPENSATION

Option Awards

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2019 is as follows:


	Options			Weighted- average exercise price		Weighted- average remaining contractual life (years)		Aggregate intrinsic value
Options outstanding, January 1, 2019		1,548,825		$	13.87
Grants		296,500			9.21
Exercises		(75,000	)		4.28
Cancellations		(6,750	)		13.34
Expirations		(68,125	)		15.57

Options outstanding, June 30, 2019		1,695,450			13.41		4.9	$	87,425

Options exercisable, June 30, 2019		1,212,172		$	14.27		3.1	$	87,425

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 June 30, 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 June 30, 2019 and the exercise price.

Total unrecognized stock option compensation expense at June 30, 2019, before the effect of income taxes, was $1.7 million and is expected to be recognized over a weighted-average period of 1.8 years.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2019 is as follows:


	Restricted Shares			Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2019		326,545		$	14.63
Grants		437,997			9.26
Vested		(145,049	)		14.49
Cancellations		(24,362	)		13.99

Non-vested restricted shares, June 30, 2019		595,131		$	10.74

Total unrecognized compensation expense remaining	$	5,904,000
Weighted-average years expected to be recognized over		1.8

The fair value of restricted stock that vested during the six months ended June 30, 2019 was $1.4 million.

Performance shares

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, as determined by the Compensation Committee, by the end of the performance period. 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 six months ended June 30, 2019 is as follows:


	Performance- based stock awards (1)			Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2019		339,287		$	14.82
Grants		156,775			9.21
Vested		(66,761	)		15.69
Cancellations		(25,767	)		15.46

Non-vested performance-based awards, June 30, 2019		403,534		$	12.45

Total unrecognized compensation expense remaining	$	3,037,000
Weighted-average years expected to be recognized over		1.9

(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 six months ended June 30, 2019 was $0.6 million.

The Company recognized total stock compensation expense of $1.2 million for the three months ended June 30, 2019, of which $0.1 million represents stock option compensation expense and $1.1 million represents restricted stock and performance-based stock compensation expense. For the six months ended June 30, 2019, the Company recognized total stock compensation expense of $2.1 million, of which $0.3 million represents stock option compensation expense and $1.8 million represents restricted stock and performance-based stock compensation expense. The Company recognized total stock compensation expense of $0.9 million for the three months ended June 30, 2018, of which $0.2 million represents stock option compensation expense and $0.7 million represents restricted stock and performance-based stock compensation expense. For the six months ended June 30, 2018, the Company recognized total stock compensation expense of $1.8 million, of which $0.4 million represents stock option compensation expense and $1.4 million represents restricted stock and performance-based stock compensation expense.

At June 30, 2019, there were 152,342 shares available for awards that could be granted under the Plan, assuming maximum performance of performance-based awards.