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 permit the issuance of restricted stock units.

Beginning in 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 three months ended March 31, 2020:


(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 March 31, 2020
Outstanding at December 31, 2019	508,111	$	24.83

Expired	(500)	28.50
Forfeited	(3,152)	28.44
Exercised	(5,000)	18.70
Outstanding at March 31, 2020	499,459	24.86		6.2	$	5
Exercisable at March 31, 2020	445,481	24.42		6.0	5

The following is a summary of nonvested stock options at March 31, 2020 including changes during the three 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, 2019	163,261	$	6.54

Vested	(106,131)	6.58
Forfeited	(3,152)	6.50
Nonvested stock options at March 31, 2020	53,978	6.46

The Corporation did not issue stock options during the three months ended March 31, 2020 or March 31, 2019.

The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at March 31, 2020 including changes during the three months then ended:


(Dollars in thousands, except per share data)	Nonvested Stock Awards and Units	Weighted Average Grant Date Fair Value
Nonvested stock awards and units at December 31, 2019	209,378	$	26.76
Granted	179,080	18.62
Vested	(57,355)	27.23
Cancelled	(19,367)	27.72

Nonvested stock awards and units at March 31, 2020	311,736	21.94

Certain information regarding restricted stock awards and units is summarized below for the periods indicated:


	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2020		2019
Restricted stock awards and units granted	179,080		113,729
Weighted average grant date fair value	$	18.62	$	25.66
Intrinsic value of awards granted	$	2,923	$	2,782
Restricted stock awards and units vested	57,355		32,965
Weighted average grant date fair value	$	27.23	$	21.86
Intrinsic value of awards vested	$	1,335	$	809

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 March 31, 2020 is presented below:


(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)
Stock options	$	306	1.0
Restricted stock awards and units	5,338		2.4
	$	5,644	2.3

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:


	Three Months Ended March 31,
(Dollars in thousands)	2020		2019
Stock-based compensation expense:
Stock options	$	108	$	216
Restricted stock awards and units	327		361
Employee stock purchase plan	20		17
Total	$	455	$	594
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options	$	106	$	165