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Share-Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
On July 25, 2013, the Company adopted the 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 March 31, 2021, there were 499,670 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 March 31,
($ in thousands)20212020
Share-based compensation expense related to:
Stock options
$28 $157 
Restricted stock awards
62 37 
Total share-based compensation expense
$90 $194 
Related tax benefits
$20 $8 

The following table presents unrecognized share-based compensation expense as of March 31, 2021:
($ in thousands)Unrecognized ExpenseWeighted-Average Remaining Expected Recognition Period
Unrecognized share-based compensation expense related to:
Stock options
$350 2.1 years
Restricted stock awards
646 2.8 years
Total unrecognized share-based compensation expense
$996 2.6 years
Stock Options
The Company has issued stock options to certain employees, officers and directors. Stock options are issued with exercise prices of the closing market price of the Company’s stock on the grant date, and generally have a three-to five-year vesting period with contractual terms of ten years. The following table represents stock option activity for the three months ended March 31, 2021:
Three Months Ended March 31, 2021
($ in thousands except per share data)
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Contractual TermAggregated Intrinsic Value
Outstanding at beginning of period
718,935 $10.87 5.1 years$— 
Granted
20,000 $12.51 10.0 years
Exercised
(49,580)$9.43 3.9 years
Forfeited
(10,000)$17.47 8.0 years
Outstanding at end of period
679,355 $10.92 5.0 years$2,770 
Exercisable at end of period
565,256 $10.08 4.4 years$2,781 
The following table represents information regarding unvested stock options for the three months ended March 31, 2021:
Three Months Ended March 31, 2021
Number of SharesWeighted-Average Exercise Price Per Share
Outstanding at beginning of period
121,199 $15.68 
Granted
20,000 $12.51 
Vested(17,100)$14.79 
Forfeited
(10,000)$17.47 
Outstanding at end of period
114,099 $15.10 
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 months ended March 31, 2021:
Three Months Ended March 31, 2021
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period
30,300 $16.27 
Granted
33,784 $10.36 
Vested(200)$13.93 
Forfeited
(1,000)$15.53 
Outstanding at end of period
62,884 $13.13