STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2019

8. STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the nine months ended September 30, 2019, 108,801 shares of unvested restricted stock were awarded at a weighted average market value of $41.98. Of the restricted shares granted, 76,877 shares have performance based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the nine months ended September 30, 2019:


		Number of
		shares
Outstanding at beginning of period		155,742
Awarded		108,801
Vested		(70,410)
Forfeited		(1,989)
Outstanding at end of period		192,144

Stock-based compensation expense, net of forfeitures of $834 and $694 was recorded for the quarter ended September 30, 2019 and 2018, respectively. For the nine months ended September 30, 2019 and 2018, stock-based compensation expense, net of forfeitures, of $2,374 and $1,787 was recorded, respectively.