STOCK-BASED COMPENSATION PLAN (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of the nonvested restricted stock awards outstanding and the assumptions used to estimate the fair value of the awards

The following table summarizes the nonvested restricted stock awards outstanding for SJI at September 30, 2019 and the assumptions used to estimate the fair value of the awards:

	Grants	Shares Outstanding	Fair Value Per Share		Expected Volatility		Risk-Free Interest Rate
Officers & Key Employees -	2017 - TSR	40,819	$	32.17	20.8	%	1.47	%
	2017 - CEGR, Time	54,135	$	33.69	N/A		N/A
	2018 - TSR	50,991	$	31.05	21.9	%	2.00	%
	2018 - CEGR, Time	83,989	$	31.23	N/A		N/A
	2019 - TSR	38,934	$	32.88	23.2	%	2.40	%
	2019 - CEGR, Time	139,863	$	31.38	N/A		N/A
Directors -	2019	30,961	$	27.07	N/A		N/A

Summary of the total stock-based compensation cost for the period

The following table summarizes the total stock-based compensation cost to SJI for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Officers & Key Employees	$	1,071	$	549	$	3,355	$	2,739
Directors	209		206		613		617
Total Cost	1,280		755		3,968		3,356
Capitalized	(119)		(101)		(153)		(303)
Net Expense	$	1,161	$	654	$	3,815	$	3,053

Summary of information regarding restricted stock award activity during the period excluding accrued dividend equivalents

The following table summarizes information regarding restricted stock award activity for SJI during the nine months ended September 30, 2019, excluding accrued dividend equivalents:

	Officers and Other Key Employees	Directors	Weighted Average Fair Value
Nonvested Shares Outstanding, January 1, 2019	411,809	26,416	$	29.57
Granted	184,791	30,961	$	31.03
Cancelled/Forfeited	(38,788)	—	$	31.58
Vested	(149,082)	(26,416)	$	26.09
Nonvested Shares Outstanding, September 30, 2019	408,730	30,961	$	31.50