Shareholders' Equity and Stock Compensation

The Company has a share repurchase plan, which allows the Company to repurchase shares from time to time subject to a maximum number of shares over the life of the plan. In April 2018, the Company repurchased 327,000 shares for a total of $8.0 million.

Stock-Based Compensation

The compensation cost related to stock options, restricted stock and restricted stock units in Company stock granted to employees and included in salaries and employee benefits was $1.9 million and $4.7 million, respectively, for the three and nine months ended September 30, 2018, as compared to $2.2 million and $5.9 million, respectively, for the three and nine months ended September 30, 2017. The total income tax benefit recognized related to stock-based compensation was $471,000 and $1.2 million, respectively, for the three and nine months ended September 30, 2018, as compared to $834,000 and $2.3 million, respectively, for the three and nine months ended September 30, 2017.

The following table summarizes information about stock option activity for the nine months ended September 30, 2018:



(in thousands, except per share data)	Nine Months Ended September 30, 2018
	Options Outstanding		Weighted-Avg Exercise Price		Weighted-Avg Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance, beginning of period	98		$	11.99
Exercised	(89	)	$	12.01
Balance, end of period	9		$	11.80	3.71	$	83
Options exercisable, end of period	9		$	11.80	3.71	$	83

The total intrinsic value (which is the amount by which the stock price exceeds the exercise price) of options exercised during the three and nine months ended September 30, 2018 was $38,000 and $909,000, respectively, as compared to the three and nine months ended September 30, 2017 of $52,000 and $193,000.

During the three and nine months ended September 30, 2018, the amount of cash received from the exercise of stock options was $49,000 and $422,000, respectively, as compared to the three and nine months ended September 30, 2017 of $85,000 and $354,000, respectively. Total consideration was $49,000 and $1.1 million, respectively, for the three and nine months ended September 30, 2018 as compared to the three and nine months ended September 30, 2017 of $85,000 and $548,000, respectively.

The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares generally vest over a three year period, subject to time or time plus performance and market vesting conditions. The following table summarizes information about nonvested restricted share activity for the nine months ended September 30, 2018:



(in thousands, except per share data)	Nine Months Ended September 30, 2018
	Restricted Shares Outstanding		Weighted Average Grant Date Fair Value
Balance, beginning of period	1,248		$	16.61
Granted	493		$	21.89
Vested/released	(534	)	$	16.74
Forfeited/expired	(212	)	$	16.74
Balance, end of period	995		$	19.13

The total fair value of restricted shares vested and released during the three and nine months ended September 30, 2018 was $1.0 million and $11.5 million, respectively, as compared to the three and nine months ended September 30, 2017 of $193,000 and $5.4 million, respectively.

The Company granted restricted stock units in connection with the acquisition of Sterling as replacement awards, as well as part of the 2007 Long Term Incentive Plan for the benefit of certain executive officers.

The following table summarizes information about nonvested restricted stock unit activity for the nine months ended September 30, 2018:



(in thousands, except per share data)	Nine Months Ended September 30, 2018
	Restricted Stock Units Outstanding		Weighted Average Grant Date Fair Value
Balance, beginning of period	22		$	18.58
Released	(21	)	$	18.58
Forfeited/expired	(1	)	$	18.58
Balance, end of period	—		$	—

The total fair value of restricted stock units vested and released during the nine months ended September 30, 2018 was $449,000. There were no restricted stock units vested and released during the three months ended September 30, 2018. The total fair value of restricted stock units vested and released during the three and nine months ended September 30, 2017 was $80,000 and $891,000, respectively.

As of September 30, 2018, there was no unrecognized compensation cost related to nonvested stock options or nonvested restricted stock units. As of September 30, 2018, there was $11.0 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.57 years, assuming expected performance and market conditions are met for certain awards.

For the three and nine months ended September 30, 2018, the Company received income tax benefits of $273,000 and $3.3 million, respectively, as compared to the three and nine months ended September 30, 2017 of $126,000 and $2.5 million, respectively, related to the exercise of non-qualified employee stock options, disqualifying dispositions on the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. The tax deficiency or benefit is recorded as income tax expense or benefit in the period the shares are vested.