STOCK-BASED COMPENSATION PLAN (Tables)

9 Months Ended

Sep. 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 September 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	46,752	$	25.51	34.8	%	0.21	%
	2020 - CEGR, Time	178,526	$	25.19	N/A		N/A
Directors -	2020	38,456	$	32.07	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 nine months ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Officers & Key Employees	$	1,220	$	1,071	$	3,671	$	3,355
Directors	302		209		899		613
Total Cost	1,522		1,280		4,570		3,968
Capitalized	(12)		(119)		(35)		(153)
Net Expense	$	1,510	$	1,161	$	4,535	$	3,815

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 nine months ended September 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	38,456	$	26.32
Cancelled/Forfeited	(14,867)	—	$	31.48
Vested*	(136,963)	(30,961)	$	31.49
Nonvested Shares Outstanding, September 30, 2020	475,594	38,456	$	28.84

*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.