STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

4.STOCK-BASED COMPENSATION PLANS

In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. At the Annual Meeting of Shareholders of the Company held on May 26, 2017, the Company’s shareholders voted to approve the Miller Industries, Inc. 2016 Stock Incentive Plan, pursuant to which 800,000 shares of common stock are available for issuance pursuant to awards granted under the plan. No awards may be granted under the Company’s 2016 Stock Incentive Plan on or after August 1, 2026. Shares available for granting options at each of the years ended December 31, 2020, 2019 and 2018 were 800,000.

No options were granted during the years ended December 31, 2020 and 2019. A summary of the activity of stock options for the year ended December 31, 2018 is presented below (shares in thousands):

	2018
		Weighted
	Shares	Average
	Under	Exercise
	Option	Price
Outstanding at Beginning of Period	11	$	5.49
Granted	—		—
Exercised	(10)		5.49
Forfeited and cancelled	(1)		5
Outstanding at End of Period	—	$	—
Options exercisable at year end	—	$	—