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Stock Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock Based Compensation STOCK BASED COMPENSATION
The Company has a Long Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006 and as amended in May 2015. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2025, or the date the maximum number of available awards under the 2006 Plan have been granted.
Restricted Stock
The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are recorded at the market value of the Company's common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur.
The following summarizes the status of Restricted Stock and changes during the three months ended March 31, 2021:
Number of
Shares		Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2020507,835 $6.25 
Granted— — 
Vested(11,158)3.38 
Forfeited— — 
Unvested balance at March 31, 2021496,677 $6.00 
At March 31, 2021 and 2020, there was $1,325,000 and $1,292,000, respectively, of total unrecognized compensation expense, related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 1.9 years. Total compensation cost related to restricted stock grants for the three months ended March 31, 2021 and 2020 was $289,000 and $292,000, respectively, all of which was recorded to selling, general and administrative expense.
During the three months ended March 31, 2021, employees surrendered 3,874 shares of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted awards. No shares were surrendered for the three months ended March 31, 2020.
Stock Appreciation Rights
As part of the Company's 2020 annual grant, Stock Appreciation Rights ("SARs") were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model.
A summary of the Company's stock appreciation rights activity for the three months ended March 31, 2021 is as follows:
Number of
Shares		Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020180,925 $2.57 
Granted— — 
Exercised— — 
Forfeited— — 
Outstanding at end of the period ended March 31, 2021180,925 $2.57 
Exercisable at end of the period ended March 31, 202173,888 $2.57 
The average remaining contractual term for those SARs outstanding at March 31, 2021 is 3.1 years, with aggregate intrinsic value of $313,000. At March 31, 2021 and 2020, there was $149,000 and $292,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to SARs. Total compensation cost related to SARs for the three months ended March 31, 2021 and 2020 was $30,000 and $24,000, respectively, all of which was recorded to selling, general and administrative expense. That cost is expected to be recognized over the weighted- average period of 1.1 years.