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Stock Options and Restricted Stock
9 Months Ended
Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Options and Restricted Stock

Note 2. Stock Options and Restricted Stock

As of September 30, 2019, the Company has two equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the “Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). In connection with the approval of the 2012 Incentive Plan by the Company’s shareholders, no further grants were made under the AMERISAFE 2005 Incentive Plan.  There are no outstanding options or restricted stock awards under the 2005 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information regarding the Company’s incentive plans.

During the nine months ended September 30, 2019, the Company issued 9,391 shares of common stock pursuant to vested performance awards, 11,048 shares of restricted common stock to officers, and 4,890 shares of restricted common stock to non-employee directors.  The market value of these shares totaled $1.5 million.  During the nine months ended September 30, 2018, the Company issued 3,304 shares of common stock pursuant to vested performance awards to executive officers and 5,761 shares of restricted common stock to non-employee directors. The market value of these shares totaled $0.5 million.

During the nine months ended September 30, 2019 and 2018, options to purchase 5,000 and 15,000 shares of common stock were exercised, respectively. In connection with these exercises, the Company received $19.8 thousand of stock option proceeds in the current year and $66.9 thousand of stock option proceeds in the same period of 2018.  The Company had no stock options outstanding as of September 30, 2019.

The Company recognized share-based compensation expense of $0.4 million in the quarter ended September 30, 2019 and $0.3 million for the same period in 2018.  The Company recognized share-based compensation expense of $0.9 million in the nine months ended September 30, 2019 and $1.1 million for the same period in 2018.