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, 2020, the total number of shares available for grant in all active plans was 1,499,056. 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, 2020		71,420		$	13.57
Exercised during 2020		(19,860	)		13.60
Expired during 2020		-			-
Forfeited during 2020		(900	)		11.73
Balance, December 31, 2020		50,660		$	13.59	1.55 years	$	465
Vested and expected to vest		50,660		$	13.59	1.55 years	$	465
Exercisable at December 31, 2020		50,660		$	13.59	1.55 years	$	465

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 2020 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on December 31, 2020 was $22.76.

As of December 31, 2020, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s stock incentive plans.

The Company issued service-based and performance-based restricted stock units in 2020, 2019 and 2018. Service-based units vest ratably over a three or five-year period. There were 528,038 service-based restricted stock units granted during 2020.

The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. There were 130,832 performance-based restricted units granted during 2020.

As of December 31, 2020, there was $11.9 million of total unrecognized compensation cost related to service-based units. That cost is expected to be recognized over a weighted average period of 1.54 years. Total stock-based compensation expense recognized for stock awards/units totaled $6.9 million, $5.9 million and $4.6 million in 2020, 2019 and 2018, respectively. There was no stock-based compensation expense related to stock options for the years ended December 31, 2020, 2019 and 2018, respectively.

Changes in non-vested shares dependent on performance criteria for 2020 were as follows:

			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
Balance, January 1, 2020		90,768	$	30.60
Granted during 2020		130,832		13.44
Balance, December 31, 2020		221,600	$	20.47

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2020		432,728		$	29.65
Granted during 2020		528,038			14.08
Vested during 2020		(173,769	)		28.91
Forfeited during 2020		(9,831	)		29.20
Balance, December 31, 2020		777,166		$	19.24