8 -	Share–Based Compensation

We measure all share-based payments to employees, including grants of stock options, and use a fair-value-based method for the recording of related compensation expense in our results of operations. In determining the expense we record for stock options granted to directors and employees of our subsidiaries and affiliates, we estimate the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The significant assumptions we utilize in applying the Black-Scholes option pricing model are the risk-free interest rate, the expected term, the dividend yield and the expected volatility.

We charged compensation expense related to our stock compensation plans against income before income taxes of $

292,795

and $330,304 for the three months ended March 31, 2021 and 2020, respectively, with a corresponding income tax benefit of $

61,487

and $69,364, respectively. At March 31, 2021, we had $

1.4

million of unrecognized compensation expense related to nonvested share-based compensation granted under our stock compensation plans that we expect to recognize over a weighted average period of approximately

1.7

years

We received cash from option exercises under all stock compensation plans during the three months ended March 31, 2021 and 2020 of $

4.4

million and $912,388, respectively. We realized actual tax benefits for the tax deductions related to those option exercises of $

149,156

and $14,657 for the three months ended March 31, 2021 and 2020, respectively.