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Stock-Based Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Status of Options Granted Under Long-Term Incentive Plan
The following is a summary of the Corporation's stock option activity and related information for the nine months ended September 30, 2019:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at September 30, 2019
Outstanding at December 31, 2018597,405  $23.98  
Expired(11,256) 24.23  
Forfeited(8,000) 26.06  
Exercised(58,545) 17.16  
Outstanding at September 30, 2019519,604  24.72  6.9$1,323  
Exercisable at September 30, 2019355,343  23.02  6.31,323  
Summary of Nonvested Stock Options
The following is a summary of nonvested stock options at September 30, 2019 including changes during the nine months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value
Nonvested stock options at December 31, 2018344,230  $6.48  
Vested(171,969) 6.42  
Forfeited(8,000) 6.43  
Nonvested stock options at September 30, 2019164,261  6.54  
Aggregated Assumptions Used to Estimate Fair Value of Options Granted
The following aggregated assumptions were used to estimate the fair value of options granted during the nine months ended September 30, 2018. The Corporation did not issue stock options during the nine months ended September 30, 2019.
Nine Months Ended September 30, 2018
Expected option life in years6.6
Risk free interest rate2.80 %
Expected dividend yield2.81 %
Expected volatility27.15 %
Fair value of options$6.46
Summary of Nonvested Restricted Stock Awards
The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2019 including changes during the nine months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value
Nonvested stock awards at December 31, 2018157,579  $25.33  
Granted113,729  25.66  
Vested(44,807) 21.65  
Cancelled(17,736) 19.82  
Nonvested stock awards and units at September 30, 2019208,765  26.77  
Certain Information Regarding Restricted Stock
The fair value of restricted stock awards and units is equivalent to the fair value of the Corporation's stock on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands, except per share data)20192018
Restricted stock awards and units granted113,729  59,953  
Weighted average grant date fair value$25.66  $28.39  
Intrinsic value of awards vested$1,119  $2,648  
Schedule of Unrecognized Compensation Cost, Nonvested Awards The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at September 30, 2019 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Stock options$624  1.3
Restricted stock awards and units3,127  2.1
$3,751  1.9
Compensation Expense Related to Stock Incentive Plans Recognized
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands)20192018
Stock-based compensation expense:
Stock options$546  $797  
Restricted stock awards and units1,372  1,582  
Employee stock purchase plan54  51  
Total$1,972  $2,430  
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$444  $624