STOCK-BASED COMPENSATION PLAN (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of the nonvested restricted stock awards outstanding and the assumptions used to estimate the fair value of the awards

The following table summarizes the nonvested restricted stock awards outstanding for SJI at June 30, 2020 and the assumptions used to estimate the fair value of the awards:

	Grants	Shares Outstanding	Fair Value Per Share		Expected Volatility		Risk-Free Interest Rate
Officers & Key Employees -	2018 - TSR	48,304	$	31.05	21.9	%	2.00	%
	2018 - CEGR, Time	63,389	$	31.23	N/A		N/A
	2019 - TSR	36,642	$	32.88	23.2	%	2.40	%
	2019 - CEGR, Time	101,982	$	31.38	N/A		N/A
	2020 - TSR	119,827	$	25.51	34.8	%	0.21	%
	2020 - Time	105,451	$	25.19	N/A		N/A
Directors -	2020	36,829	$	32.42	N/A		N/A

Summary of the total stock-based compensation cost for the period

The following table summarizes the total stock-based compensation cost to SJI for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Officers & Key Employees	$	1,239	$	1,534	$	2,451	$	2,284
Directors	298		202		597		404
Total Cost	1,537		1,736		3,048		2,688
Capitalized	99		47		(23)		(34)
Net Expense	$	1,636	$	1,783	$	3,025	$	2,654

Summary of information regarding restricted stock award activity during the period excluding accrued dividend equivalents

The following table summarizes information regarding restricted stock award activity for SJI during the six months ended June 30, 2020, excluding accrued dividend equivalents:

	Officers and Other Key Employees	Directors	Weighted Average Fair Value
Nonvested Shares Outstanding, January 1, 2020	402,146	30,961	$	31.50
Granted	225,278	36,829	$	26.42
Cancelled/Forfeited	(14,867)	—	$	31.48
Vested*	(136,963)	(30,961)	$	31.49
Nonvested Shares Outstanding, June 30, 2020	475,594	36,829	$	28.90

*Earnings and performance-based targets during the three-year vesting periods were not attained for the 2017 Officer and other key employee grants that vested in the first quarter of 2020. As a result, no shares were awarded in 2020 associated with the 2017 TSR and CEGR-based grants.