Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2018

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

Share-Based Compensation Plans [Text Block]

Share-Based Compensation Plans

The shareholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chief Executive Officer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer.

The following table presents stock options outstanding under these plans (in thousands, except for per share data):

	Number	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding at:
December 31, 2016	218,524	51.95		6,793
December 31, 2017	117,551	53.26		4,592
December 31, 2018	63,058	$	54.89	$	1,163
Options vested at:
December 31, 2016	93,117	$	46.22	$	3,429
December 31, 2017	51,286	48.62		2,241
December 31, 2018	33,573	53.09		679

No options have been awarded since 2013. At December 31, 2018, the weighted average remaining contractual life of options outstanding was 2.12 years and the weighted average remaining contractual life of vested options was 1.04 years. The aggregate intrinsic value of options exercised was $2.3 million for 2018, $3.5 million for 2017 and $6.2 million for 2016.

The Company also awards non-vested shares to certain officers and employees. Vesting of all non-vested shares is subject to service requirements. Additionally, vesting of certain non-vested shares is subject to performance criteria based on changes in the Company's earnings per share relative to defined peers. The following represents a summary of the non-vested stock awards for the three years ended December 31, 2018 (in thousands):

	Shares		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2016	791,109
Granted	256,670		$55.35
Vested	(213,941	)	$55.87
Forfeited	(47,132	)	$57.86
Non-vested at December 31, 2016	786,706
Granted	177,807		$86.95
Vested	(194,419	)	$63.07
Forfeited	(102,991	)	$78.70
Non-vested at December 31, 2017	667,103
Granted	150,419		$85.58
Vested	(242,215	)	$74.85
Forfeited	(47,700	)	$75.68
Non-vested at December 31, 2018	527,607

Compensation expense recognized on non-vested shares totaled $3.6 million for 2018, $23.2 million for 2017 and $10.2 million for 2016. Unrecognized compensation cost of non-vested shares totaled $14.2 million at December 31, 2018. We expect to recognize compensation expense of $9.7 million in 2019, $4.3 million in 2020, and $138 thousand in 2021. 

Compensation cost for 189,179 non-vested shares is variable based on the current fair value of BOK Financial common shares. Vesting of 188,827 non-vested shares may be increased or decreased based on performance criteria defined in the plan documents.