STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

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 quarter ended March 31, 2020, 105,864 shares of unvested restricted stock were awarded at a weighted average market value of $34.00. Of the restricted shares granted, 75,592 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 quarter ended March 31, 2020:


		Number of
		shares
Outstanding at beginning of period		186,702
Awarded		105,864
Vested		(62,139)
Forfeited		(1,975)
Outstanding at end of period		228,452

Stock based compensation expense, net of forfeitures, of $789 and $674 was recorded for the quarters ended March 31, 2020 and 2019, respectively.