STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Stock-Based Compensation Expense


	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Employees’ Stock-Based Compensation Plans	$	─	$	(34)	$	─	$	930
Non-employee Directors’ Stock-Based Compensation Plans		133		163		461		491
Total	$	133	$	129	$	461	$	1,421

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 (2)

Liability (3)

Outstanding at January 1, 2018

410

1.56

3.4

9,322

9,342

Exercised in 2018 (1)

(410)

1.56

Outstanding at December 31, 2018 and September 30, 2019

─

⁽¹⁾

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.

⁽²⁾

Intrinsic value is based on outstanding options.

⁽³⁾

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.

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 nine months ended September 30, 2019 and September 30, 2018. The directors are fully vested in the deferred shares at the grant date.


				Common		Deferred		Weighted-average
				Shares		Shares		Grant Date		Options		Directors' Fees
		Cash		Granted		Granted		Share Price		Vested		Expense
September 30, 2019	(1)	$	230,625		1,667		5,628	$	31.61		─	$	461,250
September 30, 2018			245,625		─		9,038		27.18		─		491,250

⁽¹⁾

During the third quarter of 2019, one of the Company’s directors retired.