The Company currently has outstanding stock-based awards granted under the Plan which is currently active and available for future grants. At September 30, 2021, there were 1,117,275 shares available for grant.

Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years.

A summary of the stock option activity for the three and nine months ended September 30, 2021 and 2020 is as follows (option amounts not in thousands):


						Weighted
				Weighted		Average
				Average		Remaining	Aggregate
	Number of			Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
Outstanding at January 1, 2021		440,000		$	45.25	7.6 years	$	3,113
Outstanding at March 31, 2021		440,000		$	45.25	7.3 years	$	13,464
Outstanding at June 30, 2021		440,000		$	45.25	7.1 years	$	23,883
Outstanding at September 30, 2021		440,000		$	45.25	6.8 years	$	29,238
Exercisable at September 30, 2021		275,000		$	43.40	6.3 years	$	18,782

Outstanding at January 1, 2020		340,000		$	43.21	7.9 years	$	1,657
Granted		110,000		$	48.00
Exercised		(10,000	)	$	6.30
Outstanding at March 31, 2020		440,000		$	45.25	8.3 years	$	—
Outstanding at June 30, 2020		440,000		$	45.25	8.1 years	$	1,184
Outstanding at September 30, 2020		440,000		$	45.25	7.8 years	$	2,321
Exercisable at September 30, 2020		165,000		$	42.17	7.0 years	$	1,334

The following table summarizes information about options exercised for the three and nine months ended September 30, 2021 and 2020 (option amounts not in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Options exercised		—		—		—		10,000
Total intrinsic value of exercised options	$	—	$	—	$	—	$	288
Tax benefits realized	$	—	$	—	$	—	$	71

For the three months ended September 30, 2021 and 2020, the Company recognized $221 and $300, respectively, of compensation expense which was included in general and administrative personnel expenses. For the nine months ended September 30, 2021 and 2020, the Company recognized $663 and $880, respectively, of compensation expense. Deferred tax benefits related to stock options were $3 and $19 for the three months ended September 30, 2021 and 2020, respectively, and $4 and $57 for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, there was $1,226 and $1,889, respectively, of unrecognized compensation expense related to nonvested stock options. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1.8 years.

From time to time, the Company has granted and may grant restricted stock awards to its executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the market value of the Company’s common stock on the grant date. For awards with market-based conditions, the fair value is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome.

Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2021 and 2020 is as follows:


	Number of			Weighted
	Restricted			Average
	Stock			Grant Date
	Awards			Fair Value
Nonvested at January 1, 2021		423,787		$	43.79
Granted		548,086		$	36.95
Vested		(41,250	)	$	42.18
Cancelled		(141,600	)	$	43.76
Forfeited		(2,050	)	$	45.67
Nonvested at March 31, 2021		786,973		$	39.11
Granted		3,000		$	76.00
Vested		(68,541	)	$	43.80
Cancelled		(1,160	)	$	45.96
Forfeited		(9,060	)	$	46.44
Nonvested at June 30, 2021		711,212		$	38.71
Granted		2,340		$	96.60
Forfeited		(38,855	)	$	38.05
Nonvested at September 30, 2021		674,697		$	38.95

Nonvested at January 1, 2020		396,760		$	41.71
Granted		45,000		$	44.97
Vested		(31,250	)	$	40.97
Forfeited		(7,138	)	$	42.60
Nonvested at March 31, 2020		403,372		$	42.12
Granted		145,000		$	45.59
Vested		(104,926	)	$	41.16
Forfeited		(5,220	)	$	43.75
Nonvested at June 30, 2020		438,226		$	43.48
Granted		2,680		$	54.36
Vested		(625	)	$	41.02
Forfeited		(2,369	)	$	45.60
Nonvested at September 30, 2020		437,912		$	43.54

The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $2,039 and $1,862 for the three months ended September 30, 2021 and 2020, respectively, and $6,280 and $5,142 for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, there was approximately $21,628 and $13,666, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 2.9 years. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2021 and 2020.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Deferred tax benefits recognized	$	420	$	353	$	879	$	956
Tax benefits realized for restricted stock and paid dividends	$	70	$	47	$	1,482	$	1,286
Fair value of vested restricted stock	$	—	$	26	$	4,742	$	5,625

In February 2021, the Company cancelled 141,600 shares of restricted stock for employees who transitioned to TypTap Group (See Note 1 -- “Nature of Operations”). In exchange, these employees received replacement restricted stock issued under TTIG’s equity incentive plan.

On February 26, 2021, TTIG’s Board of Directors approved the 2021 Equity Incentive Plan (the “2021 Plan”) which is an incentive plan denominated in TTIG’s common shares. The 2021 Plan provides for broad-based equity awards to employees and nonemployee directors of TypTap Group. The maximum number of shares that may be issued under the 2021 Plan is 7,000,000 shares. In February 2021, TTIG issued a total of 5,749,300 shares of restricted stock to the employees who transitioned to TypTap Group. For the three months ended September 30, 2021, TypTap Group recognized compensation expense related to restricted stock of $472, and for the nine months ended September 30, 2021, TypTap Group recognized compensation expense related to restricted stock of $2,286.

On September 27, 2021, TTIG’s Board of Directors terminated the 2021 Plan and replaced it with the 2021 Omnibus Incentive Plan (the “2021 Omnibus Plan”). The initial maximum number of shares that may be issued under the 2021 Omnibus Plan is 7,700,000 shares. At September 30, 2021, there was approximately $4,846 of total unrecognized compensation expense related to nonvested restricted stock.