12. SHARE-BASED COMPENSATION

On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan includes 500,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of December 31, 2019, we were authorized to issue 187,141 shares under the 2014 Plan.

Stock options

The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted during the years ended December 31:


		2019		2018
Assumptions:
Risk-free interest rate		2.84	%	1.94	%
Expected dividend yield		1.81	%	2.22	%
Expected volatility of Rocky's common stock		42.05	%	41.69	%
Expected option term (years)		6.3		6.5
Weighted-average grant date fair value per share	$	8.77	$	6.94

For the years ended December 31, 2019 and 2018, we recognized share-based compensation expense and the corresponding tax benefit as follows:


($ in thousands)		2019		2018
Share-based compensation expense	$	662	$	588
Tax benefit		109		102

The following summarizes stock option activity for the year ended December 31, 2019:


($ amounts are per share)	Shares		Weighted Average Exercise Price	Weighted Average Remaining Actual Term		Aggregate Intrinsic Value
Options outstanding at January 1, 2019	149,750	$	$15.50
Issued	75,000		26.00
Exercised	(28,550)		15.62
Forfeited or expired	(4,200)		21.23
Options outstanding at December 31, 2019	192,000	$	19.46	6.3	$	-
Expected to vest	136,800	$	20.99	7.1	$	-
Exercisable at December 31, 2019	55,200	$	15.67	4.3	$	-

In the first quarter of 2019, our officers and certain employees were granted 43,000 options. The plans generally provided for grants with the exercise price equal to fair value on the date of grant, graduated vesting periods of up to 5 years, and lives not exceeding 10 years. For the years ended 2019 and 2018, cash received for the exercise of stock options was approximately $444,000 and $135,000, respectively.

In the first quarter of 2019, Board of Director members were granted 32,000 stock options that vest over a year and will expire in 5 years.

Restricted stock units and performance share units

The following table summarizes the status of the Company’s restricted stock units and performance share units and activity as of December 31, 2019:


	Restricted Stock Units
($ amounts are per share)	Quantity		Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2019	6,750	$	11.93
Granted	-		-
Vested	(4,250)		12.28
Forfeited	-		-
Nonvested at December 31, 2019	2,500	$	11.35

As of December 31, 2019, the total unrecognized compensation cost related to non-vested stock options and restricted stock units was $316,041 with a weighted-average expense recognition period of 3.6 years.

During the years ended December 31, 2019 and 2018, we issued 7,925 and 9,376 shares of common stock to members of our Board of Directors, respectively.