STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Stock-Based Compensation Expense


	For the year ended
	December 31,
(in thousands)	2019		2018
Employees’ Stock-Based Compensation Plans	$	─	$	961
Non-employee Directors’ Stock-Based Compensation Plans		595		655
Total	$	595	$	1,616

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 December 31, 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.