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Stock Options and Restricted Stock
3 Months Ended
Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Options and Restricted Stock

Note 2. Stock Options and Restricted Stock

As of March 31, 2017, the Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE Non-Employee Director Restricted Stock Plan (the “Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). The 2005 Incentive Plan expired on October 27, 2015. In connection with the approval of the 2012 Incentive Plan by the Company’s shareholders, no further grants will be made under the 2005 Incentive Plan.  All grants made under the 2005 Incentive plan will continue in effect, subject to the terms and conditions of the 2005 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 for additional information regarding the Company’s incentive plans.

During the three months ended March 31, 2017, no grants were made under our incentive plans. During the three months ended March 31, 2016, the Company granted 16,687 and 376 shares of restricted common stock to executive officers and non-employee directors, respectively. The market value of the restricted shares granted in the first quarter of 2016 totaled $0.9 million.

During the three months ended March 31, 2017, no options to purchase shares of common stock were exercised. During the three months ended March 31, 2016, options to purchase 35,679 shares of common stock were exercised. In connection with these exercises, the Company received $0.5 million of stock option proceeds.

The Company recognized share-based compensation expense of $0.4 million in the three months ended March 31, 2017 and $0.2 million for the same period of 2016.