EQUITY

12 Months Ended

Dec. 31, 2020

EQUITY

EQUITY

11. EQUITY

Common Stock

The Company has paid quarterly dividends on its Common Stock since January 1999.

Treasury Stock

On September 19, 2016, the Company’s Board of Directors authorized the repurchase of up to $50.0 million of its Common Stock, from time to time, on the open market or in privately negotiated transactions (the “2016 Repurchase Plan”). As of December 31, 2020, the Company has $30.9 million available to be repurchased under the 2016 Repurchase Plan.

During the years ended December 31, 2020, 2019 and 2018, the Company repurchased the following shares under the 2016 Repurchase Plan:

	Shares	Aggregate Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2020	129,273	$	6,589	$	50.97
2019	3,104		162		52.37
2018	30,427		1,576		51.82

During the years ended December 31, 2020, 2019 and 2018, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options:

		Aggregate
	Shares	Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2020	32,227	$	1,733	$	53.78
2019	42,703		2,419		56.65
2018	141,180		10,859		76.76

Stock-Based Compensation

The Company reserved 2,000,000 shares for the grant of stock options, restricted stock awards, restricted stock units, stock equivalents and awards of shares of Common Stock that are not subject to restrictions or forfeiture. As of December 31, 2020, the Company has approximately 610,000 shares available for grants.

Stock Options

Stock options have a term of 10 years and vest annually and ratably over a period of four years.

The following table summarizes stock option activity for the years ended December 31, 2020 and 2019:

	Year Ended December 31, 2020
				Weighted Average
				Remaining
	Number of	Weighted Avg.		Contractual	Aggregate
	Options	Exercise Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2019	15,000	$	49.34
Granted	—		—
Forfeited	—		—
Expired	—		—
Exercised	—		—
Outstanding at December 31, 2020	15,000		49.34	2.2	$	34,600
Vested and expected to vest at December 31, 2020	15,000		49.34	2.2	$	34,600
Exercisable at December 31, 2020	15,000		49.34	2.2	$	34,600

	Year Ended December 31, 2019
				Weighted Average
				Remaining
	Number of	Weighted Avg.		Contractual	Aggregate
	Options	Exercise Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2018	42,000	$	48.61
Granted	—		—
Forfeited	(7,500)		52.97
Expired	(2,500)		52.97
Exercised	(17,000)		45.39
Outstanding at December 31, 2019	15,000		49.34	3.2	$	170,900
Vested and expected to vest at December 31, 2019	15,000		49.34	3.2	$	170,900

The following table summarizes information relating to options granted and exercised during the years ended December 31, 2020, 2019 and 2018 (in thousands, except fair value of options granted data):

	2020		2019		2018
Aggregate intrinsic value of options exercised	$	—	$	229	$	5,927
Cash proceeds received upon exercise of options		—		—		72

The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing Common Stock price on December 31st and the exercise price, multiplied by the number of the in-the-money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s Common Stock.

The Company has not granted any options since 2017. The Company did not recognize any compensation expense in 2020 or 2019 related to granted options and recognized $0.1 of stock compensation expense during 2018.

Restricted Stock

Restricted stock issued under the 2008 Equity Investment Plan vests over four years.

The following table summarizes restricted stock activity during the year ended December 31, 2020:

		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2020	204,146	$	60.13
Granted	116,404		50.45
Forfeited	(3,323)		59.99
Vested and issued	(93,604)		61.75
Unvested as of December 31, 2020	223,623	$	54.42

The following table summarizes restricted stock activity during the year ended December 31, 2019:

		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2019	200,653	$	65.21
Granted	108,278		54.68
Forfeited	(18,579)		57.04
Vested and issued	(86,206)		65.77
Unvested as of December 31, 2019	204,146	$	60.13

In connection with the grant of restricted shares, the Company recognized $5.6 million, $6.4 million and $6.1 million of compensation expense within its income statements for the years ended December 31, 2020, 2019, and 2018, respectively. The Company recognized $0.3 million, $0.5 million, and $0.2 million of compensation expense within its income statement for the year ended December 31, 2020, 2019, and 2018, respectively, for shares of the Company’s subsidiaries granted to the management team of those subsidiaries.

The unvested shares as of December 31, 2020 represent $8.3 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.4 years.