6.STOCK COMPENSATION

We have three stock based compensation plans as described below.

Stock Option Plan

Under the expired 1993 Non-Employee Directors Stock Ownership Incentive Plan, the Company granted certain directors stock option awards which vested and became fully exercisable immediately and provided for issuance of up to 20,000 options. The exercise price of each option which has a ten year life, was equal to the market price of the Company’s stock on the date of grant.

Summary of activity in the stock option plan for the first nine months of 2018 follows:


				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
		Exercise		Contractual	Value
	Shares	Price		Term	(in thousands)
Outstanding, beginning of year	600	$	31.00
Granted	—		—			—
Forfeited or expired	—		—			—
Exercised	(600)		31.00
Outstanding, end of period	—	$	—	0 months	$	—
Vested and expected to vest	—	$	—	0 months	$	—
Exercisable, end of period	—	$	—	0 months	$	—

As of September 30, 2018, there was $0 of total unrecognized compensation cost related to nonvested stock options granted under the Plan. Since the stock option plan has expired, no additional options will be issued.

2005 Restricted Stock Grant Plan

On May 10, 2005, the Company’s stockholders approved a restricted stock grant plan. Total shares issuable under the plan were 50,000. There were no shares issued during the first nine months of 2018 or 2017. The plan is now expired and no additional shares will be issued from the 2005 plan. There were 89 shares forfeited during the nine months ended September 30, 2018 and 117 shares were forfeited during the nine months ended September 30, 2017. There were 18 shares forfeited during the three months ended September 30, 2018 and 117 shares were forfeited during the three months ended September 30, 2017.

A summary of changes in the Company’s nonvested shares for the year follows:


		Weighted-Average		Fair
		Grant-Date		Value
Nonvested Shares	Shares	Fair Value		Per Share
Nonvested at January 1, 2018	6,141	$	151,984	$	24.75
Vested	(3,090)		(72,224)		23.37
Forfeited	(89)		(2,356)		26.48
Nonvested at September 30, 2018	2,962	$	77,404	$	26.13

(1) Grant date fair value in thousands

As of September 30, 2018, there was $64 thousand of total unrecognized compensation cost related to nonvested shares granted under the 2005 restricted stock grant plan. The cost is expected to be recognized over a weighted-average period of 1.1 years. As of September 30, 2018, no additional shares are available for issuance under the restricted stock grant plan.

2009 Stock Award Plan

On May 13, 2009, the Company’s stockholders approved a stock award plan that provides for the granting of both incentive and nonqualified stock options and other share based awards. Total shares issuable under the plan are 150,000. There were 5,720 shares issued during the nine months ended September 30, 2018 and 6,575 shares were issued during the nine months ended September 30, 2017. There were 408 shares forfeited during the nine months ended September 30, 2018 and 951 shares were forfeited during the nine months ended September 30, 2017.

A summary of changes in the Company’s nonvested shares for the year follows:


		Weighted-Average		Fair
		Grant-Date		Value
Nonvested Shares	Shares	Fair Value		Per Share
Nonvested at January 1, 2018	10,930	$	338,545	$	30.97
Granted	5,720		263,406		46.05
Vested	(2,448)		(74,504)		30.43
Forfeited	(408)		(15,154)		37.14
Nonvested at September 30, 2018	13,794	$	512,293	$	37.14

(1)

Grant date fair value in thousands

As of September 30, 2018, there was $480 thousand of total unrecognized compensation cost related to nonvested shares granted under the restricted stock grant plan. The cost is expected to be recognized over a weighted-average period of 3.5 years. As of September 30, 2018, 127,218, shares are still available for issuance.