STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

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 ended September 30, 2020, 160,437 shares of unvested restricted stock were awarded at a weighted average market value of $33.51. Of the restricted shares granted, 100,403 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, 2020:

	Number of
	shares
Outstanding at beginning of period	186,702
Awarded	160,437
Vested	(93,260)
Forfeited	(2,583)
Outstanding at end of period	251,296

Stock-based compensation expense, net of forfeitures, of $920 and $834 was recorded for the quarters ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, Stock-based compensation expense, net of forfeitures, of $2,640 and $2,374 was recorded, respectively.