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Stock-Based Incentive Plan
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Incentive Plan Stock-Based Incentive Plan
The Corporation has a shareholder approved 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to allow for the issuance of restricted stock units.

During the three months ended March 31, 2019, the Corporation issued to directors and employees (“grantees”) restricted stock units rather than restricted stock awards or stock options, which were issued to grantees in prior reporting periods. Restricted stock units differ from restricted stock awards in that Corporation stock is not issued to grantees at the date of the grant and the grantee does not have voting or dividend rights during the vesting period. In the following schedules, issued restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date and methodology for recording stock-based compensation expense is the same for restricted stock units and restricted stock awards.    
The following is a summary of the Corporation's stock option activity and related information for the six months ended June 30, 2019:
(Dollars in thousands, except per share data)
Shares Under Option
 
Weighted Average Exercise Price Per Share
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value at June 30, 2019
Outstanding at December 31, 2018
597,405

 
$
23.98

 
 
 
 
Expired
(9,756
)
 
23.61

 
 
 
 
Forfeited
(8,000
)
 
26.06

 
 
 
 
Exercised
(39,500
)
 
17.48

 
 
 
 
Outstanding at June 30, 2019
540,149

 
24.44

 
7.0
 
$
1,658

Exercisable at June 30, 2019
373,220

 
22.72

 
6.4
 
1,644


The following is a summary of nonvested stock options at June 30, 2019 including changes during the six months then ended:
(Dollars in thousands, except per share data)
 Nonvested Stock Options
 
 Weighted Average Grant Date Fair Value
Nonvested stock options at December 31, 2018
344,230

 
$
6.48

Vested
(169,301
)
 
6.44

Forfeited
(8,000
)
 
6.43

Nonvested stock options at June 30, 2019
166,929

 
6.52


The following aggregated assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2018. The Corporation did not issue stock options during the six months ended June 30, 2019.
 
Six Months Ended June 30, 2018
Expected option life in years
6.6

Risk free interest rate
2.80
%
Expected dividend yield
2.81
%
Expected volatility
27.15
%
Fair value of options
$6.46

The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at June 30, 2019 including changes during the six months then ended:
(Dollars in thousands, except per share data)
 Nonvested Stock Awards and Units
 
 Weighted Average Grant Date Fair Value
Nonvested stock awards at December 31, 2018
157,579

 
$
25.33

Granted
113,729

 
25.66

Vested
(32,965
)
 
21.86

Cancelled
(17,349
)
 
19.68

Nonvested stock awards and units at June 30, 2019
220,994

 
26.46


The fair value of restricted stock awards and units is equivalent to the fair value of the Corporation's stock on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
 
Six Months Ended June 30,
(Dollars in thousands, except per share data)
2019
 
2018
Restricted stock awards and units granted
113,729

 
59,953

Weighted average grant date fair value
$
25.66

 
$
28.39

Intrinsic value of awards vested
$
809

 
$
1,193


The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at June 30, 2019 is presented below:
(Dollars in thousands)
Unrecognized Compensation Cost
 
Weighted-Average Period Remaining (Years)
Stock options
$
793

 
1.4
Restricted stock awards and units
3,631

 
2.3
 
$
4,424

 
2.1

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
 
Six Months Ended June 30,
(Dollars in thousands)
2019
 
2018
Stock-based compensation expense:
 
 
 
Stock options
$
378

 
$
515

Restricted stock awards and units
878

 
1,204

Employee stock purchase plan
36

 
34

Total
$
1,292

 
$
1,753

Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options
$
284

 
$
413