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Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock Option And Stock Award Plans
STOCK OPTION AND STOCK AWARD PLANS
Tredegar has one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Stock options granted by the Company during 2019, 2018 and 2017 either vest after 2 years and have a 7-year life or vest after 3 years and have a 5-year life. The option plan also permits the granting of stock appreciation rights (“SARs”), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. Stock unit awards vest upon the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.
A summary of stock options outstanding at December 31, 2019, 2018 and 2017, and changes during those years, is presented below:
 
 
 
Option Exercise Price/Share
  
Number of
Options
 
Range
 
Weighted
Average
Outstanding at January 1, 2017
500,919

 
$
17.13

 
to
 
$
30.01

 
$
21.67

Granted
209,551

 
15.65

 
to
 
15.65

 
15.65

Forfeited and expired
(60,685
)
 
17.13

 
to
 
30.01

 
21.42

Exercised
(41,265
)
 
19.84

 
to
 
19.84

 
19.84

Outstanding at December 31, 2017
608,520

 
15.65

 
to
 
24.84

 
19.75

Granted
451,083

 
19.35

 
to
 
19.35

 
19.35

Forfeited and expired
(96,089
)
 
15.65

 
to
 
24.84

 
19.58

Exercised
(73,398
)
 
15.65

 
to
 
22.49

 
18.15

Outstanding at December 31, 2018
890,116

 
15.65

 
to
 
24.84

 
19.69

Granted
758,287

 
18.48

 
to
 
18.48

 
18.48

Forfeited and expired
(10,000
)
 
19.40

 
to
 
19.40

 
19.40

Exercised
(9,500
)
 
19.40

 
to
 
19.40

 
19.40

Outstanding at December 31, 2019
1,628,903

 
$
15.65

 
to
 
$
24.84

 
$
19.13


The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2019:
 
 
 
 
 
 
Options Outstanding at December 31, 2019
 
Options Exercisable at December 31, 2019
 
 
 
 
 
 
 
 
Weighted Average
 
Aggregate Intrinsic Value
 
 
 
 
 
Aggregate Intrinsic Value
Range of
Exercise Prices
 
Shares
 
Remaining Contractual Life (Years)
 
Exercise
Price
 
 
Shares
 
Weighted
Average
Exercise
Price
 
$
—

 
to
 
$
15.00

 
—

 
0.0
 
$
—

 
$
—

 
—

 
$
—

 
$
—

15.01

 
to
 
17.50

 
163,641

 
4.4
 
15.65

 
1,096,395

 
104,326

 
15.65

 
698,984

17.51

 
to
 
20.00

 
1,255,670

 
5.3
 
18.83

 
4,424,405

 
46,300

 
19.40

 
136,585

20.01

 
to
 
25.00

 
209,592

 
3.5
 
23.69

 
—

 
209,592

 
23.69

 
—

Total
 
1,628,903

 
5.0
 
$
19.13

 
$
5,520,800

 
360,218

 
$
20.81

 
$
835,569


The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2019, 2018 and 2017:
 
Unvested Restricted Stock
 
Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In thousands)
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In thousands)
Outstanding at January 1, 2017
207,355

 
$
15.90

 
$
3,297

 
238,429

 
$
16.39

 
$
3,908

Granted
107,362

 
18.29

 
1,964

 
46,205

 
17.38

 
803

Vested
(50,154
)
 
19.72

 
(989
)
 
—

 
—

 
—

Forfeited
(57,887
)
 
16.16

 
(935
)
 
(112,501
)
 
17.73

 
(1,995
)
Outstanding at December 31, 2017
206,676

 
16.15

 
3,337

 
172,133

 
15.78

 
2,716

Granted
119,915

 
17.39

 
2,085

 
61,227

 
17.35

 
1,062

Vested
(64,702
)
 
18.31

 
(1,185
)
 
—

 
—

 
—

Forfeited
(17,153
)
 
15.84

 
(272
)
 
(48,651
)
 
13.23

 
(644
)
Outstanding at December 31, 2018
244,736

 
16.20

 
3,965

 
184,709

 
16.97

 
3,134

Granted
185,422

 
18.46

 
3,423

 
57,442

 
18.34

 
1,053

Vested
(117,834
)
 
14.76

 
(1,739
)
 
(69,926
)
 
10.96

 
(766
)
Forfeited
(26,389
)
 
16.11

 
(425
)
 
(24,562
)
 
11.51

 
(283
)
Outstanding at December 31, 2019
285,935

 
$
18.27

 
$
5,224

 
147,663

 
$
21.25

 
$
3,138


The total intrinsic value of stock options exercised was $0.1 million in 2019, $0.4 million in 2018 and $0.2 million in 2017. The grant-date fair value of stock option-based awards vested was $0.5 million in 2019, $0.1 million in 2018 and $0.4 million in 2017. As of December 31, 2019, there was unrecognized compensation cost of $1.9 million related to stock option-based awards and $2.5 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 1.09 years for stock option-based awards and 1.44 years for non-vested restricted stock and other stock-based awards. Stock option awards granted in 2019 included a retirement provision that allowed for the immediate vesting of options held by a participant of the plan that ceased to provide service, including service as a member of the board of directors, with the Company subsequent to reaching the age of 65.  As a result of this provision and in accordance with accounting for stock-based compensation, the Company accelerated the recognition of $1.3 million of expense into 2019.  At December 31, 2019, the participant continues to provide ongoing service to the Company, and therefore continues to vest in the stock options under the originally contemplated service period.
Stock options exercisable totaled 360,218 shares at December 31, 2019 and 275,392 shares at December 31, 2018. Stock options available for grant totaled 954,454 shares at December 31, 2019.