STOCK COMPENSATION

3 Months Ended

Mar. 31, 2021

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, 2021 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2021	1,286,900		$	13.28
Grants	48,000		14.18
Exercises	(166,400)		11.68

Expirations	(2,400)		19.10
Options outstanding, March 31, 2021	1,166,100		13.54		5.4	$	2,666
Options exercisable, March 31, 2021	867,807		$	14.72	4.3	$	1,269
Total unrecognized stock option expense remaining (in thousands)	$	762
Weighted-average years expected to be recognized over	1.7

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, 2021. 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, 2021 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, 2021 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2021	795,587		$	7.54
Grants	176,914		14.18
Vested	(246,952)		7.03
Cancellations	(250)		9.76
Non-vested restricted shares, March 31, 2021	725,299		$	9.33
Total unrecognized compensation expense remaining (in thousands)	$	4,943
Weighted-average years expected to be recognized over	1.9

The total fair value of restricted stock that vested during the three months ended March 31, 2021 was $3.7 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 three months ended March 31, 2021 is as follows:


	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2021	431,046		$	9.94
Grants	176,915		14.18
Vested	(150,273)		12.79
Cancellations	(21,208)		12.75
Non-vested performance-based awards, March 31, 2021	436,480		$	10.54
Total unrecognized compensation expense remaining (in thousands)	$	3,441
Weighted-average years expected to be recognized over	2.3

(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, 2021 was $2.1 million.

At March 31, 2021, there were 399,327 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	2021		2020
Equity based stock option expense	$	124	$	146
Restricted and performance-based stock awards expense	1,315		1,174
Stock compensation expense for equity based awards	$	1,439	$	1,320
Liability based stock option expense	5		6
Total Stock Compensation Expense	$	1,444	$	1,326