STOCK COMPENSATION

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Option Awards

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2020 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Options outstanding, January 1, 2020	1,508,325		$	13.43



Expirations	(14,875)		10.69
Options outstanding, March 31, 2020	1,493,450		13.46		4.6	$	—
Options exercisable, March 31, 2020	1,100,547		$	14.50	3.1	$	—
Total unrecognized stock option expense remaining (in thousands)	$	979
Weighted-average years expected to be recognized over	1.4

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, 2020. 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, 2020 and the exercise price.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2020 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2020	593,341		$	10.70
Grants	225,285		6.39
Vested	(142,717)		10.04
Cancellations	(5,613)		9.54
Non-vested restricted shares, March 31, 2020	670,296		$	9.40
Total unrecognized compensation expense remaining (in thousands)	$	4,730
Weighted-average years expected to be recognized over	1.5

The total fair value of restricted stock that vested during the three months ended March 31, 2020 was $0.8 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 at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. 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, 2020 is as follows:


	Performance- based stock awards ⁽¹⁾		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2020	405,059		$	12.43

Vested	(62,215)		18.45
Cancellations	(14,524)		17.39
Non-vested performance-based awards, March 31, 2020	328,320		$	11.07
Total unrecognized compensation expense remaining (in thousands)	$	1,509
Weighted-average years expected to be recognized over	1.4

⁽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, 2020 was $0.4 million.

At March 31, 2020, there were 185,326 shares available for awards that could be granted under the Plan, assuming maximum performance of performance-based awards.

The Company recorded stock compensation expense as follows (in thousands):


	Three Months Ended March 31,
Stock Compensation Expense Components	2020		2019
Equity based stock option expense	$	146	$	122
Restricted and performance-based stock awards expense	1,174		778
Stock compensation expense for equity based awards	$	1,320	$	900
Liability based stock option expense	6		7
Total Stock Compensation Expense	$	1,326	$	907