The Company’s 2006 Long-Term Stock Incentive Plan and 2012 Long-Term Stock Incentive Plan allow the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. As of December 31, 2018, the total number of shares available for grant in all active plans was 1,641,485. There are no shares remaining for issuance with respect to the stock option plan approved in 2002; however, options granted under this plan are still included in the numbers below.

Options granted under the stock incentive plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of the common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. Some options granted to officers at or above the senior vice president level were immediately exercisable at the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises.

Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures.

						Weighted
				Weighted		Average	Aggregate
				Average		Remaining	Intrinsic
	Number of			Exercise		Contractual	Value
	Options			Price		Term	(In Thousands)
Balance, January 1, 2018		120,083		$	14.41
Exercised during 2018		(23,148	)		15.45
Expired during 2018		(3,790	)		24.82
Forfeited during 2018		(1,835	)		18.91
Balance, December 31, 2018		91,310		$	13.63	2.70 years	$	1,055
Vested and expected to vest		91,310		$	13.63	2.70 years	$	1,055
Exercisable at December 31, 2018		91,310		$	13.63	2.70 years	$	1,055

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2018 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on December 31, 2018 was $25.18.

As of December 31, 2018, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s stock incentive plans.

The performance-based awards that were granted in previous periods were dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria were met, were to cliff vest at the end of the performance period. The Company did not meet the performance criteria by the end of the performance period at the end of 2017. Therefore, as of March 31, 2018, the Company forfeited 92,767 performance-based awards.

The Company issued stock awards/units in 2018, 2017 and 2016. The stock awards were either service based awards or performance-based awards. The service-based awards vest ratably over a three or five-year period.

As of December 31, 2018, there was $101 thousand of total unrecognized compensation cost related to service-based awards. That cost is expected to be recognized over a weighted average period of 0.47 years. As of December 31, 2018, there was $8.3 million of total unrecognized compensation cost related to service-based units. That cost is expected to be recognized over a weighted average period of 1.32 years. Total stock-based compensation expense recognized for stock awards/units totaled $4.6 million, $3.5 million and $2.8 million in 2018, 2017 and 2016, respectively, while total stock-based compensation expense recognized for stock options was $6 thousand and $56 thousand for 2017 and 2016, respectively. There was no stock-based compensation for the year ended December 31, 2018.

Changes in non-vested shares dependent on performance criteria for 2018 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2018		92,767		$	18.12
Forfeited during 2018		(92,767	)		18.12
Balance, December 31, 2018		—		$	—

Changes in service based restricted stock awards/units for 2018 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2018		308,625		$	23.96
Granted during 2018		278,267			33.64
Vested during 2018		(158,150	)		21.89
Forfeited during 2018		(19,203	)		28.38
Balance, December 31, 2018		409,539		$	31.13