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SHARE BASED COMPENSATION
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
SHARE BASED COMPENSATION SHARE BASED COMPENSATION
At December 31, 2020, the Company had two share based compensation plans in existence, the 2005 Omnibus Stock Plan (“Omnibus Stock Plan”) and the 2015 Omnibus Incentive Plan (“Omnibus Incentive Plan”). The Omnibus Stock Plan expired during the second quarter of 2015 but has outstanding options that may still be exercised. The Omnibus Incentive Plan is described in the following paragraph.

The Company’s Omnibus Incentive Plan was approved on May 6, 2015 and provides for the granting of incentive stock options, non-qualifying stock options, stock appreciation rights, restricted stock grants, restricted stock units and performance share units to selected directors and employees on a periodic basis at the discretion of the Company’s board of directors. The Omnibus Incentive Plan authorizes the issuance of up to 1,500,000 shares of common stock, of which 914,502 shares are available for issuance at December 31, 2020, has a term of ten years, and is administered by a committee of at least three directors appointed by the board of directors. Options granted under the plan have an exercise price which may not be less than 100% of the fair market value of the common stock on the date of the grant and must be exercised within seven to ten years from the date of grant depending on the terms of the grant agreement. The exercise price of stock options must be paid for in full in cash or shares of common stock, or a combination of both. The board committee has the discretion when making a grant of stock options to impose restrictions on the shares to be purchased upon the exercise of such options. The Company generally issues authorized but previously unissued shares to satisfy option exercises.

The fair values of all of the options granted for the periods indicated have been estimated using a binomial option-pricing model with the weighted-average assumptions for the years ended December 31 are presented in the following table:
202020192018
Dividend yield— %— %2.64 %
Weighted average expected volatility— %— %39.13 %
Weighted average risk-free interest rate— %— %2.61 %
Weighted average expected lives (in years)005.61 years
Weighted average grant-date fair value$— $— $11.73 

The dividend yield is based on estimated future dividend yields. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatility is generally based on historical volatility. The expected term of share options granted is generally derived from historical experience. The Company recognizes forfeitures as they occur.

Compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option, restricted stock, restricted stock unit grants or performance share units. Compensation expense of $3.9 million, $2.9 million, and $2.5 million was recognized for the years ended December 31, 2020, 2019 and 2018, respectively, related to the awards of stock options, restricted stock grants, restricted stock unit grants and performance share unit grants. The intrinsic value for the stock options exercised was $0.4 million, $0.2 million, and $0.4 million in the years ended December 31, 2020, 2019 and 2018, respectively. The total of unrecognized compensation cost related to stock options was immaterial at December 31, 2020. That cost is expected to be recognized over a weighted average period of approximately 0.3 years. The fair value of the options vested during the years ended December 31, 2020, 2019 and 2018, was $0.1 million, $0.2 million, and $0.1 million, respectively. The total of unrecognized compensation cost related to restricted stock awards, restricted stock unit grants, and performance share unit grants was approximately $8.0 million at December 31, 2020. That cost is expected to be recognized over a weighted average period of approximately 2.6 years.
During the year ended December 31, 2020, the Company granted 246,015 restricted shares, restricted stock units and performance share units under the Omnibus Incentive Plan, of which 44,905 units are subject to achievement of certain performance conditions measured over a three-year performance period and 201,110 of restricted shares or units subject to a three- or five-year vesting schedule. Due to the assumption of stock options held as of the Acquisition Date by Revere employees, the Company issued 395,298 stock options at a weighted average grant-date fair value of $9.14 during the second quarter of 2020. The fair value of the options issued were considered part of the consideration transferred and were therefore recorded as an adjustment to goodwill. See Note 2 for additional information on the acquisition of Revere. The Company did not grant any stock options under the Omnibus Incentive Plan during the year ended December 31, 2020 or 2019.

A summary of share option activity for the period indicated is reflected in the following table:

Number
of
Common
Shares		Weighted Average Exercise
Share Price		Weighted Average Contractual Remaining Life (Years)Aggregate Intrinsic
Value
(in thousands)
Balance at January 1, 202065,279 $31.34 $485 
Granted— $— 
Converted options from Revere acquisition395,298 $12.27 
Exercised(26,063)$12.10 $398 
Forfeited(765)$39.02 
Expired(3,711)$30.46 
Balance at December 31, 2020430,038 $14.97 3.0 years$6,828 
Exercisable at December 31, 2020425,274 $14.71 3.0 years$6,828 

A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table:

(In dollars, except share data):Number
of
Common
Shares		Weighted Average Grant-Date Fair Value
Restricted stock at January 1, 2020226,502$35.43 
Granted246,015$25.82 
Vested(66,533)$34.38 
Forfeited(14,301)$37.47 
Restricted stock at December 31, 2020391,683$29.50