STOCK COMPENSATION

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

On June 25, 2020, the shareholders of the Company approved an amendment and restatement of the Company’s Amended and Restated 2000 Long Term Incentive Plan (the “Plan”). The amendment and restatement of the Plan revised the terms and conditions of the Plan to, among other things, increase the shares available for grant under the Plan by 850,000 shares. As of June 30, 2020, there were 746,809 shares available for the grant of awards under the Plan.

Option Awards

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2020 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2020	1,508,325		$	13.43
Grants	37,500		6.36

Cancellations	(3,750)		12.86
Expirations	(229,175)		13.14
Options outstanding, June 30, 2020	1,312,900		13.28		5.3	$	14
Options exercisable, June 30, 2020	999,919		$	14.28	4.2	$	—
Total unrecognized stock option expense remaining (in thousands)	$	903
Weighted-average years expected to be recognized over	1.5

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, 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 June 30, 2020 and the exercise price.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2020 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2020	593,341		$	10.70
Grants	534,940		5.94
Vested	(288,597)		10.82
Cancellations	(5,613)		9.54
Non-vested restricted shares, June 30, 2020	834,071		$	7.61
Total unrecognized compensation expense remaining (in thousands)	$	5,511
Weighted-average years expected to be recognized over	1.4

The total fair value of restricted stock that vested during the six months ended June 30, 2020 was $1.8 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 Plan.

A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 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
Grants	106,275		6.36
Vested	(62,215)		18.45
Cancellations	(14,524)		17.39
Non-vested performance-based awards, June 30, 2020	434,595		$	9.92
Total unrecognized compensation expense remaining (in thousands)	$	1,864
Weighted-average years expected to be recognized over	1.7

⁽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, 2020 was $0.4 million.

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


	Three Months Ended June 30,						Six Months Ended June 30,
Stock Compensation Expense Components	2020		2019		2020		2019
Equity based stock option expense	$	139	$	100	$	285	$	300
Restricted and performance-based stock awards expense	1,276		1,086		2,450		1,786
Stock compensation expense for equity based awards	$	1,415	$	1,186	$	2,735	$	2,086
Liability based stock option expense	5		7		11		14
Total Stock Compensation Expense	$	1,420	$	1,193	$	2,746	$	2,100