Note

. Stock Compensation Plans

FNCB has a Long-Term Incentive Compensation Plan (“LTIP”) for directors, executives and key employees. The LTIP authorizes up to

1,200,000

shares of common stock for issuance and provides the Board of Directors with the authority to offer several different types of long-term incentives, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. During the

three

months ended

March 31, 2020

and

2019

, the Board of Directors granted

75,924

and

57,684

shares of restricted stock, respectively, under the LTIP. At

March 31, 2020

there were

796,461

shares of common stock available for award under the LTIP. For the

three

months ended

March 31, 2020

and

2019

, stock-based compensation expense, which is included in salaries and benefits expense in the consolidated statements of income, totaled

$62

thousand and

$67

thousand, respectively. Total unrecognized compensation expense related to unvested restricted stock awards was

$1.2

million and

$1.1

million at

March 31, 2020

and

2019

, respectively. Unrecognized compensation expense related to unvested shares of restricted stock is expected to be recognized over a weighted-average period of

4.08

years.

The following table summarizes the activity related to FNCB’s unvested restricted stock awards during the

three

months ended

March 31, 2020

and

2019

	Three Months Ended March 31,
	2020					2019
				Weighted-				Weighted-
				Average				Average
	Restricted			Grant Date		Restricted		Grant Date
(dollars in thousands)	Shares			Fair Value		Shares		Fair Value
Unvested restricted stock awards:
Total outstanding, beginning of period		128,150		$	7.76		114,702	$	7.50
Awards granted		75,924			6.07		57,684		7.64
Forfeitures		(2,659	)		6.24		-		-
Vestings		-			-		-		-
Total outstanding, end of period		201,415		$	7.14		172,386	$	7.55