The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 shares of the Company’s common stock in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance awards. The Company may issue shares out of treasury stock for these awards. During the nine months ended September 30, 2019, 36,062 restricted shares, 36,801 performance-based restricted shares, and 0 SARs were granted under the Omnibus Plan.

Beginning on April 16, 2013, restricted shares granted to Company employees are amortized to expense over a three-year vesting period whereas restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. Beginning on February 2, 2017, restricted shares granted to Company employees are amortized to expense over the three-year cliff vesting period.

As of September 30, 2019, the total unrecognized compensation expense related to non-vested restricted shares was $1,827,000, and the related weighted-average period over which it is expected to be recognized is approximately 0.83 years.

	Nine Months Ended September 30, 2019
	Shares		Fair Value
Balance at December 31, 2018		99,724	$	45.48
Granted		36,062		49.12
Vested		(13,264)		39.76
Balance at September 30, 2019		122,522	$	47.17

In February of 2017, the Company granted three-year performance based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over the period from January 1, 2017 through December 31, 2019. The PBRS awards cliff vest on the three-year anniversary of their grant date at levels ranging from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. The aggregate target number of these PBRS shares outstanding at September 30, 2019 was 30,057 with a grant date fair value of $49.33 per share. The 2019 expense related to these grants is currently estimated to be $595,000 and is based on the grant date fair value of the awards and the Company’s achievement of 120% of the target financial goals. The estimated expense for 2019 and each future period through the vesting date is subject to prospective adjustment based upon changes in the expected achievement of the financial goals.

In February and July of 2018, the Company granted three-year PBRS awards which are contingent upon the Company’s achievement of pre-established financial goals over the period from January 1, 2018 through December 31, 2020. The PBRS awards cliff vest on the three-year anniversary of their grant date at levels ranging from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. The aggregate target number of these PBRS shares outstanding at September 30, 2019 was 35,258 with an average grant date fair value of $49.04 per share. The 2019 expense related to these grants is currently estimated to be $674,000 and is based on the grant date fair value of the awards and the Company’s achievement of 117% of the target financial goals. The estimated expense for 2019 and each future period through the vesting date is subject to prospective adjustment based upon changes in the expected achievement of the financial goals.

In February and June of 2019, the Company granted three-year PBRS awards which are contingent upon the Company’s achievement of pre-established financial goals over the period from January 1, 2019 through December 31, 2021. The PBRS awards cliff vest on the three-year anniversary of their grant date at levels ranging from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. The aggregate target number of these PBRS shares outstanding at September 30, 2019 was 36,801 with an average grant date fair value of $49.06 per share. The 2019 expense related to these grants is currently estimated to be $644,000 and is based on the grant date fair value of the awards and the Company’s achievement of 108% of the target financial goals. The estimated expense for 2019 and each future period through the vesting date is subject to prospective adjustment based upon changes in the expected achievement of the financial goals.

SARs

There were no SARs granted and no expense recognized during the nine months ended September 30, 2019. Following is a summary of the activity of the Company’s SARs program for the nine-month period ended September 30, 2019:

Shares

Weighted-

Average

Exercise

Price

Average

Remaining

Contractual

Term Years

Aggregate

Intrinsic

Value

(In thousands)

Outstanding at December 31, 2018

237,121

$

29.86

3.50

$

5,468

Exercised

(34,518)

24.22

—

—

Exercisable at September 30, 2019

202,603

$

30.82

2.93

$

4,694

There were no non-vested SARs at September 30, 2019.