Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2020

Share-Based Compensation Plans

Share-Based Compensation Plans

11.    Share-Based Compensation Plans

During the three and nine months ended September 30, 2020, the Company recognized $362,000 and $1,063,000 respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2016 through 2020. 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.

The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2020:

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2019	1,176,770	$	27.14
Granted	188,600	$	18.00
Exercised	—	$	—
Forfeited or expired	(238,047)	$	27.08
Outstanding at September 30, 2020	1,127,323	$	25.62	5.7	$	—
Exercisable at September 30, 2020	641,952	$	26.77	3.3	$	—

*     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, 2020, the last trading day of the quarter, of $16.17 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The respective exercise prices of all of the Company's outstanding stock options were higher than the closing price of the Company's common stock as of September 30, 2020; therefore, the aggregate intrinsic value of the Company's stock options is zero.

The following table summarizes the Company’s stock option exercise activity for the three and nine-month periods ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	—	$	—	$	—	$	88
Net proceeds from stock option exercises	$	—	$	—	$	—	$	161
Income tax benefit from the exercise of stock options	$	—	$	—	$	—	$	23

The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2020:

				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2019	68,735	$	28.04
Issued	30,800		18.00
Vested	(27,045)		18.39
Non-vested at September 30, 2020	72,490	$	23.77	3.0	$	1,172,000

*     The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2020 ($16.17) multiplied by the number of non-vested restricted shares outstanding.