The following table presents a summary of cash received, compensation costs recognized and excess tax benefit, related to the Company's share-based awards:


	Year Ended December 31,
	2021		2020		2019
	(Amounts in thousands)
Cash received from stock option exercises	$	215	$	—	$	701
Compensation cost, all share-based awards	141		142		123
Excess tax benefit, all share-based awards	(117)		—		(7)

Stock option awards become exercisable at a rate of 25% per year beginning one year from the date granted, are granted at the closing price of the Company's stock on the date of grant, and expire after 10 years.

In February 2018, the Compensation Committee of the Company's Board of Directors awarded a total of 80,000 stock options to four senior executives under the 2015 Plan which will vest over the four-year requisite service period. 10,000 of these stock options were forfeited in February 2019 following the departure of a senior executive. The fair values of these stock options were estimated on the date of grant using a closed-form option valuation model (Black-Scholes). No stock options were awarded in 2021, 2020 and 2019 under the 2015 Plan.

The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model:


Weighted-average grant-date fair value	$	8.09
Expected volatility	33.18		%
Risk-free interest rate	2.62		%
Expected dividend yield	5.40		%
Expected term in months	72

Expected volatility is based on historical volatility of the Company’s stock over the term of the stock options. The Company estimated the expected term of stock options, which represents the period of time that stock options granted are expected to be outstanding, by using historical exercise patterns and post-vesting termination behavior. The risk free interest rate is determined based on U.S. Treasury yields with equivalent remaining terms in effect at the time of the grant.


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)
Outstanding at January 1, 2021	67,500	$	43.01
Exercised	(47,500)	$	43.01
Canceled or expired	—	$	—
Outstanding at December 31, 2021	20,000	$	43.01	6.1	$	201
Exercisable at December 31, 2021	2,500	$	43.01	6.1	$	25

The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the Company’s closing stock price and the stock option exercise price, multiplied by the number of in-the-money stock options) that would have been received by the stock option holders had all stock options been exercised on December 31, 2021. The aggregate intrinsic value of stock options exercised was $1,007,175 and $217,064 for 2021 and 2019, respectively. There were no stock options exercised in 2020. The total fair value of stock options vested in each of 2021, 2020, and 2019 was $141,584.


	Options Outstanding				Options Exercisable
Exercise Price	Number of Options	Weighted-Average Remaining Contractual Life (Years)	Weighted- Average Exercise Price		Number of Options	Weighted- Average Exercise Price
$43.01	20,000	6.1	$	43.01	2,500	$	43.01

As of December 31, 2021, the Company had $14,720 of unrecognized compensation expense related to stock options awarded under the 2015 Plan, which will be recognized ratably over the remaining vesting period of approximately 0.1 years.

Under the 2015 Plan and 2005 Plan, the Compensation Committee of the Company’s Board of Directors granted performance-based vesting RSU awards to the Company’s senior management and key employees prior to 2017. No RSUs were awarded in 2021, 2020, and 2019 under the 2015 Plan.


	Year Ended December 31,
	2021			2020			2019
	Shares	Weighted- Average Fair Value per Share		Shares	Weighted- Average Fair Value per Share		Shares	Weighted- Average Fair Value per Share
Outstanding at January 1	—	$	—	—	$	—	75,250	$	53.49
Vested	—	$	—	—	$	—	—	$	—
Forfeited/Canceled	—	$	—	—	$	—	(6,000)	$	53.49
Expired	—	$	—	—	$	—	(69,250)	$	53.49
Outstanding at December 31	—	$	—	—	$	—	—	$	—

The RSU awards vested at the end of a three-year performance period beginning with the year of the grant, and then only if, and to the extent that, the Company’s performance during the performance period achieved the threshold established by the Compensation Committee of the Company’s Board of Directors. Performance thresholds were based on the Company’s cumulative underwriting income, annual underwriting income, and net earned premium growth. Shares were forfeited or canceled when employees were no longer employed by the Company. Expired shares represent shares that did not meet the vesting requirements.

The fair value of each RSU grant was determined based on the closing price of the Company's common stock on the grant date for awards classified as equity and on each reporting date for awards classified as liability. Compensation cost was recognized based on management’s best estimate of the performance goals that would be achieved at the end of the performance period, taking into account expected forfeitures. If the minimum performance goals were not met, no compensation cost was recognized and any recognized compensation cost was reversed.

In February 2019, based on certification by the Compensation Committee of the Company's Board of Directors of the results of the three-year performance period ended December 31, 2018, all of the outstanding RSUs granted in 2016 expired unvested because the Company did not meet the minimum three-year performance threshold.