9.	*Stock Plans and Other Incentives*

The Company has adopted certain incentive plans for the purpose of attracting and retaining the Company’s directors, officers and employees by having the ability to issue options, restricted stock units (“RSUs”), or stock awards. Awards granted under the Company’s incentive plans expire ten years from the date of grant and vest over periods ranging generally from three to five years for employees.

Option Awards

The following table presents option activity and other plan data for the six months ended June 30, 2018 and 2017:


	For the Six Months Ended June 30,
	2018				2017
	Options		Weighted- Average Exercise Price		Options		Weighted- Average Exercise Price

Outstanding at beginning of period		245,000	$	8.88		530,000	$	9.64
Granted		—	$	—		—	$	—
Exercised		—	$	—		(285,000)	$	(10.30	)
Forfeited/cancelled/expired		—	$	—		—	$	—

Outstanding at end of period		245,000	$	8.88		245,000	$	8.88

Options exercisable at end of period		241,000	$	8.72		237,000	$	8.56

RSU Awards

The following table presents the changes in RSUs outstanding for the three months ended June 30, 2018 and 2017:


	For the Six Months Ended June 30,
	2018		2017
Outstanding at beginning of period		318,142		281,320
Granted		151,281		135,104
Common stock delivered (A)		(101,127)		(88,543)
Forfeited		(2,212)		(2,810)

Outstanding at end of period		366,084		325,071

Intrinsic value (B)	$	7,981,000	$	6,908,000

(A)

In the 2018 and 2017 periods, all of the vested RSUs were issued as shares.

(B)

For purposes of this calculation, the Company’s closing stock prices were $21.80 and $21.25 per share on June 30, 2018 and 2017, respectively.

In the six months ended June 30, 2018, an aggregate of 148,005 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $17.28 per RSU. In the six months ended June 30, 2017, an aggregate of 131,630 RSUs were granted to employees, which RSUs vest one-third a year over three years and had a grant date fair value of $18.67 per RSU. In each case, the grant date fair value was determined based on the closing stock price of the Company’s common stock on the applicable date of grant and considers the impact of dividend payments. The awards granted to employees in 2018 and 2017 are treated as equity awards and the grant date fair value is charged to compensation expense at the corporate level on a straight-line basis over the vesting periods. Dividends are not paid or accrued on unvested employee RSUs.

During the six months ended June 30, 2018 and 2017, an aggregate of 3,276 RSUs and 3,474 RSUs, respectively, were granted to non-employee directors (with an average grant date fair value of $21.04 and $19.84 per RSU, respectively) related to the equity component of their compensation. In each case, the grant date fair value was determined as of the last trading day of the quarter for which the RSUs were being received as compensation. The RSUs are immediately vested but are not deliverable to the non-employee directors until six months after termination of their service as a director. Dividends are paid on RSUs granted to non-employee directors.

Option and RSU Expense Information

The Company recorded non-cash compensation expense of approximately $632,000 and $575,000, respectively, including $34,500 in each period related to non-employee director equity compensation, for the three months ended June 30, 2018 and 2017, respectively, related to all stock options and RSUs accounted for as equity awards, as a component of general and administrative expenses in the statements of operations. For the six months ended June 30, 2018 and 2017, the Company recorded non-cash compensation expense of approximately $1,237,000 and $1,100,000, respectively, including $69,000 in each period related to non-employee director equity compensation.