STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Stock-Based Compensation Expense


	For the three months ended				For the six months ended
	June 30,				June 30,
(in thousands)	2019		2018		2019		2018
Employees’ Stock-Based Compensation Plans	$	─	$	(228)	$	─	$	964
Non-employee Directors’ Stock-Based Compensation Plans		164		164		328		328
Total	$	164	$	(64)	$	328	$	1,292

Summary of Option Activity

Weighted-average

Remaining

Weighted-average

Contractual

Aggregate

Number of

Exercise Price

Life per option

Intrinsic

Period End

(in thousands, except per option data)

Options

per Option

(in years)

Value (1)

Liability (2)

Outstanding at January 1, 2018

410

1.56

3.4

9,322

9,342

Exercised in 2018 (3)

(410)

1.56

Outstanding at December 31, 2018 and June 30, 2019

─

⁽¹⁾

Intrinsic value is based on outstanding options.

⁽²⁾

Only options that were amortized based on a vesting schedule have a liability balance. There were 410,000 options at January 1, 2018, that fit this profile.

⁽³⁾

When exercised, stock options were net share settled. For the year ended December 31, 2018, 410,000 stock options were exercised, which resulted in a $9.3 million reduction to the Company’s reported “Other liabilities” within its Consolidated Balance Sheets at December 31, 2018. Of the 410,000 stock options that were exercised, the Company issued 220,279 common shares for the year ended December 31, 2018, and 189,721 stock options were tendered to the Company by their holders for the payment of related withholding taxes and exercise price.

Summary of Nonemployee Director Stock Award Activity

The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the six months ended June 30, 2019 and June 30, 2018. The directors are fully vested in the deferred shares at the grant date.

Common

Deferred

Weighted-average

Grant Date

Options

Directors' Fees

Cash

Granted

Share Price

Vested

Expense

June 30, 2019

163,750

1,078

3,966

32.46

─

327,500

June 30, 2018

163,750

─

6,025

27.18

─

327,500