Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

A summary of changes in nonvested restricted stock awards follows:



	Shares		Weighted-average Grant Date Fair Value
Nonvested at January 1, 2018	94,472		$	20.79
Granted	24,508		26.92
Forfeited	(361	)	26.19
Vested	(42,730	)	19.87
Nonvested at December 31, 2018	75,889		$	23.20

The above table excludes 15,600 shares in restricted stock awards that were granted at a weighted average fair value of $27.16 and immediately vested. As of December 31, 2018 and 2017, there was $775 and $1,243, respectively, of total unrecognized compensation cost related to nonvested shares granted under the restricted stock award plan. The fair value of shares vesting during 2018, 2017, and 2016 was $1,535, $1,035 and $624, respectively. Compensation expense for restricted stock awards was $1,545 in 2018, $928 in 2017 and $820 in 2016.

The number of authorized stock-based awards still available for grant as of December 31, 2018 was 159,224.

In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. In 2018, awards with a maximum of 10,468 shares in aggregate were granted to key employees. In 2017, an award with a maximum of 5,306 shares was granted to a key employee.