Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Share Based Compensation [Abstract]

Disclosure Of Compensation Related Costs Share Based Payments [Text Block]

Note 8 – Share-Based Compensation

The Company recognized the following share-based compensation expense in SG&A in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Stock options	$	455	$	267	$	888	$	785
Nonvested stock awards and restricted stock units		867		550		2,005		1,901
Employee stock purchase plan		21		24		68		68
Director stock ownership plan		27		31		81		93
Total share-based compensation expense	$	1,370	$	872	$	3,042	$	2,847

During the third quarter of 2019, the Company granted stock options under its long-term incentive plan (“LTIP”) that are subject only to time-based vesting over up to a three-year period. For the purposes of determining the fair value of stock option awards, the Company used the Black-Scholes option pricing model and the assumptions set forth in the table below:

Number of options granted	51,610
Dividend yield	1.12	%
Expected volatility	26.29	%
Risk-free interest rate	1.52	%
Expected term (years)	4.0

The fair value of these options is amortized on a straight-line basis over the vesting period. As of September 30, 2019, unrecognized compensation expense related to all options granted was $2.0 million, to be recognized over a weighted average remaining period of 1.4 years.

During the first nine months of 2019, the Company granted 40,382 nonvested restricted shares and 6,060 nonvested restricted stock units under its long-term incentive plan, subject only to time-based vesting, generally over a one to three-year period. The fair value for these grants is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value of these awards for expected forfeitures based on historical experience. As of September 30, 2019, unrecognized compensation expense related to the nonvested restricted shares was $6.5 million, to be recognized over a weighted average remaining period of 2.1 years, and unrecognized compensation expense related to nonvested restricted stock units was $0.9 million, to be recognized over a weighted average remaining period of 2.0 years.