Share-Based Compensation

On July 25, 2013, the Company adopted 2013 Equity Based Stock Compensation Plan (“2013 EBSC Plan”) approved by its shareholders to replace the 2003 Stock Option Plan. The 2013 EBSC Plan provides 1,114,446 shares of common stock for equity based compensation awards including incentive and non-qualified stock options and restricted stock awards. As of September 30, 2019, there were 539,514 shares available for future grants.

Share-Based Compensation Expense

The following table presents share-based compensation expense and the related tax benefits for the periods indicated:



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2019		2018		2019		2018
Share-based compensation expense related to:
Stock options	$	158	$	147	$	481	$	486
Restricted stock awards	22		—		22		—
Total share-based compensation expense	$	180	$	147	$	503	$	486
Related tax benefits	$	11	$	13	$	33	$	38

The following table presents unrecognized share-based compensation expense as of September 30, 2019:



($ in thousands)	Unrecognized Expense		Weighted-Average Remaining Expected Recognition Period
Unrecognized share-based compensation expense related to:
Stock options	$	1,149	2.3 years
Restricted stock awards	605		4.2 years
Total unrecognized share-based compensation expense	$	1,754	3.0 years

Stock Options

The Company has issued stock options to certain employees, officers and directors. Stock options are issued with exercise prices of the closing market price of the Company's stock on the grant date, and generally have a three-to five-year vesting period with contractual terms of ten years.

The following table represents stock option activity for the three months ended September 30, 2019:



	Three Months Ended September 30, 2019
($ in thousands except per share data)	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	847,839		$	10.11	6.2 years	$	5,877
Granted	15,000		$	16.58	10.0 years
Exercised	(8,450	)	$	4.51	3.5 years
Forfeited	(5,638	)	$	10.33	6.1 years
Outstanding at end of period	848,751		$	10.75	6.4 years	$	5,302
Exercisable at end of period	498,616		$	8.77	5.3 years	$	4,105

The following table represents stock option activity for the nine months ended September 30, 2019:



	Nine Months Ended September 30, 2019
($ in thousands except per share data)	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	898,291		$	9.81	6.5 years	$	5,243
Granted	25,000		$	16.94	10.0 years
Exercised	(68,902	)	$	6.65	4.3 years
Forfeited	(5,638	)	$	10.33	6.1 years
Outstanding at end of period	848,751		$	10.75	6.4 years	$	5,302
Exercisable at end of period	498,616		$	8.77	5.3 years	$	4,105

The following table represents information regarding unvested stock options for the three and nine months ended September 30, 2019:



	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	Number of Shares		Weighted-Average Exercise Price Per Share		Number of Shares		Weighted-Average Exercise Price Per Share
Outstanding at beginning of period	344,773		$	12.23	347,274		$	12.17
Granted	15,000		$	16.58	25,000		$	16.94
Vested	(4,000	)	$	14.00	(16,501	)	$	14.57
Forfeited	(5,638	)	$	10.33	(5,638	)	$	10.33
Outstanding at end of period	350,135		$	12.43	350,135		$	12.43

Restricted Stock Awards

The Company also has granted restricted stock awards (“RSAs”) to certain employees and officers. The RSAs are valued at the closing market price of the Company's stock on the grant date and generally have a three-to five-year vesting period. The following table represents RSAs activity for the three and nine months ended September 30, 2019:



	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share		Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period	—		$	—	—		$	—
Granted	37,700		$	16.61	37,700		$	16.61
Vested	(300	)	$	17.09	(300	)	$	17.09
Outstanding at end of period	37,400		$	16.60	37,400		$	16.60