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STOCK-BASED COMPENSATION
3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
In February 2005, the Company’s stockholders approved the Company’s 2004 Recognition and Retention Plan and 2004 Stock Option and Incentive Plan. These plans were terminated on January 18, 2018.
In February 2008, the Company’s stockholders approved the Company’s 2008 Equity Incentive Plan for a term of 10 years. As of March 31, 2020, 89,183 restricted shares and 181,000 options had been granted to eligible participants. Due to the plan’s expiration, no new awards can be granted under this plan. Restricted shares granted under the 2008 Equity Incentive Plan were awarded at no cost to the employee and vest pro rata over a two to five-year period from the grant date. Options granted to date under this plan vest pro rata over a five-year period from the grant date. Unexercised, nonqualified stock options expire within 15 years of the grant date and unexercised incentive stock options expire within 10 years of the grant date.
On March 27, 2018, the stockholders of Citizens Community Bancorp, Inc. approved the 2018 Equity Incentive Plan. The aggregate number of shares of common stock reserved and available for issuance under the 2018 Equity Incentive Plan is 350,000 shares. As of March 31, 2020, 95,575 restricted shares had been granted under this plan. As of March 31, 2020, no stock options had been granted under this plan.
Net compensation expense related to restricted stock awards from these plans was $139 for the three months ended March 31, 2020, compared to $140 for the three months ended March 31, 2019.
Restricted Common Stock Award
 
 
March 31, 2020
 
December 31, 2019
 
 
Number of Shares
 
Weighted
Average
Grant Price
 
Number of Shares
 
Weighted
Average
Grant Price
Restricted Shares
 
 
 
 
 
 
 
 
Unvested and outstanding at beginning of year
 
43,457

 
$
12.76

 
75,407

 
$
13.24

Granted
 
41,507

 
11.93

 
12,847

 
11.50

Vested
 
(6,577
)
 
12.73

 
(32,630
)
 
12.89

Forfeited
 

 

 
(12,167
)
 
13.28

Unvested and outstanding at end of year
 
78,387

 
$
12.32

 
43,457

 
$
12.76


The Company accounts for stock-based employee compensation related to the Company’s 2008 Equity Incentive Plan and 2018 Equity Incentive Plan using the fair-value-based method. Accordingly, management records compensation expense based on the value of the award as measured on the grant date and then the Company recognizes that cost over the vesting period for the award. The compensation cost recognized for stock-based employee compensation related to these plans for the three month period ended March 31, 2020 and March 31, 2019 was $4, respectively.
Common Stock Option Awards

 
 
Option Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
March 31, 2020
 
 
 
 
 
 
 
 
Outstanding at beginning of year
 
78,100

 
$
11.18

 

 

Forfeited or expired
 
(3,200
)
 
12.21

 

 

Outstanding at end of year
 
74,900

 
$
11.14

 
6.28
 


Exercisable at end of year
 
45,100

 
$
10.68

 
6.03
 
$
(191
)
Fully vested and expected to vest
 
74,900

 
$
11.14

 
6.28
 
$
(351
)
December 31, 2019
 
 
 
 
 
 
 
 
Outstanding at beginning of year
 
108,930

 
$
10.15

 
 
 
 
Exercised
 
(28,430
)
 
7.12

 
 
 
 
Forfeited or expired
 
(2,400
)
 
12.38

 
 
 
 
Outstanding at end of year
 
78,100

 
$
11.18

 
6.55
 
 
Exercisable at end of year
 
44,700

 
$
10.73

 
6.30
 
$
67

Fully vested and expected to vest
 
78,100

 
$
11.18

 
6.55
 
$
81


Information related to the 2004 Stock Option and Incentive Plan and 2008 Equity Incentive Plan for the respective periods follows:
 
 
Three months ended March 31, 2020
 
Twelve months ended December 31, 2019
Intrinsic value of options exercised
 
$

 
$
130

Cash received from options exercised
 
$

 
$
203

Tax benefit realized from options exercised
 
$

 
$