10. Share-Based Compensation Plans

During the three and nine months ended September 30, 2019, the Company recognized $371,000 and $1,102,000 respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019. During the three and nine months ended September 30, 2018, the Company recognized $344,000 and $1,149,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2014 through 2018.

The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2019:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2018	1,173,620	$	26.57
Granted	192,650	$	23.45
Exercised	(18,795)	$	27.75
Forfeited or expired	(2,850)	$	31.80
Outstanding at September 30, 2019	1,344,625	$	27.31	4.4	$	—
Exercisable at September 30, 2019	866,830	$	27.05	2.2	$	—

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on September 30, 2019 ($22.61) and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.As of September 30, 2019, there were no in-the-money stock options outstanding, therefore the aggregate intrinsic value was zero.

The following table summarizes the Company’s stock option exercise activity for the three and nine months ended September 30, 2019 and 2018:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	—	$	654	$	88	$	3,704
Net proceeds from stock option exercises	$	—	$	260	$	161	$	4,308
Income tax benefit from the exercise of stock options	$	—	$	170	$	23	$	963

The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2019:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2018	61,480	$	30.74
Issued	31,000		23.48
Vested	(23,745)		24.63
Non-vested at September 30, 2019	68,735	$	28.04	3.0	$	1,554,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on September 30, 2019 ($22.61) multiplied by the number of non-vested restricted shares outstanding.