The Company’s share-based compensation plans are intended to attract and retain employees and to provide an incentive for them to assist the Company to achieve long-range performance goals and to enable them to participate in long-term growth of the Company. The Company settles restricted stock unit awards and stock option exercises with newly issued common shares.

The Company established the 2018 Stock Plan (the “2018 Plan”) effective May 16, 2018. The 2018 Plan provides for the grant of 3,240 stock awards and stock options to employees, directors and consultants at an exercise price equal to or greater than the fair market value of the common stock on the date of grant. Shares of common stock available for future grants from a previous stock plan totaled 128 and were carried forward into the allocated balance of the 2018 Plan. Restricted stock units granted under the 2018 Plan typically vest over a three to five-year period for employees and one year for directors; however, other vesting periods are allowable under the 2018 Plan. Restricted stock units granted to employees have time based or performance based vesting. If options were to be granted under the 2018 Plan, they would typically grade vest over a five-year period and expire ten years from the date of grant. As of December 31, 2018, there were shares of common stock available for issuance pursuant to future grants under the 2018 Plan totaling 3,332.

The Company established the 2009 Stock Plan (the “2009 Plan”) effective November 1, 2009. The 2009 Plan provided for the grant of 3,300 stock options and other stock awards to employees, directors and consultants at an exercise price equal to or greater than the fair market value of the common stock on the date of grant. Shares of common stock available for future grants from a previous stock plan totaled 2,558 and were carried forward into the allocated balance of the 2009 Plan. Options granted under the 2009 Plan typically grade vested over a five-year period and expire ten years from the date of grant. Restricted stock units granted under the 2009 Plan typically vest over a three to five-year period for employees and one year for directors; however, other vesting periods are allowable under the 2009 Plan. Restricted stock units granted to employees have time based or performance based vesting. In the second quarter of 2018, the 2009 Plan was terminated and therefore as of December 31, 2018, there were no shares of common stock available for issuance pursuant to future grants under the 2009 Plan. As of December 31, 2017, there were 2,049 shares of common stock available for issuance pursuant to future grants under the 2009 Plan.

	Year Ended December 31,
	2018			2017			2016
Share-based compensation expense:
Restricted stock units, including all performance and market based awards	$	6,062		$	5,433		$	4,457
Stock options		—			237			318
Total share-based compensation		6,062			5,670			4,775
Tax effect on share-based compensation		1,362			2,052			1,743
Net effect on net income	$	4,700		$	3,618		$	3,032
Effect on earnings per share:
Basic	$	(0.15	)	$	(0.11	)	$	(0.10	)
Diluted	$	(0.15	)	$	(0.11	)	$	(0.10	)

A summary of the Company’s restricted stock unit activity with respect to the years ended December 31, 2016, 2017 and 2018 follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2015		1,169		$	11.40
Granted		429		$	13.20
Vested		(413	)	$	10.80
Forfeited		(49	)	$	11.14
Nonvested at December 31, 2016		1,136		$	12.30
Granted		280		$	22.70
Vested		(321	)	$	11.90
Forfeited		(81	)	$	13.78
Nonvested at December 31, 2017		1,014		$	14.88
Granted		283		$	27.99
Vested		(404	)	$	14.26
Forfeited		(99	)	$	17.79
Nonvested at December 31, 2018		794		$	19.51

Included in the number of shares granted in the table directly above are market performance-based restricted stock units (“MPRSUs”) granted to executives in the first quarters of 2018 and 2017. The MPRSUs cliff vest at the end of the three years period and have a maximum potential to vest at 200% based on TSR performance. The related share-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized straight-line over the vesting term.

The following table provides details of the MPRSUs granted during the twelve month periods ended December 31, 2018 and 2017:

As of December 31, 2018, there was $9,517 of total unrecognized compensation cost related to restricted stock units granted under the plans. That cost is expected to be recognized over a weighted average period of 2.1 years.

A summary of the Company’s stock option activity with respect to the years ended December 31, 2016, 2017 and 2018 follows:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015		490		$	9.46
Granted		—			—
Exercised		(231	)		7.76
Expired		(44	)		14.74
Forfeited		—			—
Outstanding at December 31, 2016		215			10.19
Granted		—			—
Exercised		(142	)		9.14
Expired		—			—
Forfeited		—			—
Outstanding at December 31, 2017		73		$	12.22
Granted		—			—
Exercised		(26	)
Expired		—			—
Forfeited		—			—
Outstanding at December 31, 2018		47		$	12.22		4.0	$	384
Vested or expected to vest at December 31, 2018		47		$	12.22		4.0	$	384
Exercisable at December 31, 2018		47		$	12.22		4.0	$	384

The total intrinsic value of the stock options exercised during 2018, 2017 and 2016 was $384, $853 and $1,312, respectively. All options outstanding and exercisable at December 31, 2018 had an exercise price of $12.22. As of December 31, 2018, there was no unrecognized compensation cost related to stock options granted under the plans.

At December 31, 2018 and 2017, the fair value of outstanding stock options to non-employees was $126 and $268, respectively.

The Company established an Employee Stock Purchase Plan (the “ESPP”) effective November 1, 2018. The Company’s prior employee stock purchase plan, effective November 1, 2009 was terminated in the fourth quarter of 2018. Under the terms of the ESPP, eligible employees may have up to 15% of eligible compensation deducted from their pay and applied to the purchase of shares of Company common stock. The price the employee must pay for each share of stock will be 95% of the fair market value of Company common stock at the end of the applicable six-month purchase period. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and is a non-compensatory plan as defined by FASB ASC 718, “Stock Compensation.” No stock-based compensation expense attributable to employee stock purchase plan was recorded for the years ended December 31, 2018, 2017 and 2016. Through the Company’s employee stock purchase plans, employees purchased 13, 11 and 15 shares during the twelve months ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, there were 1,500 and 2,251 shares available for issuance under the Company’s employee stock purchase plans, respectively.

The Company has a 401(k) savings plan that allows employees to contribute up to 100% of their annual compensation to the Plan on a pre-tax or after tax basis, limited to a maximum annual amount as set periodically by the Internal Revenue Service. The plan provides a 50% match of all employee contributions up to 6 percent of the employee’s salary. Company matching contributions to the plan totaled $1,118, $1,047 and $1,017 for the years ended December 31, 2018, 2017 and 2016, respectively.

The Company has a profit sharing program, wherein a percentage of pre-tax profits, at the discretion of the Board of Directors, is provided to all employees who have completed a stipulated employment period. The Company did not make contributions to this program for the years ended December 31, 2018, 2017 and 2016.