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EMPLOYEE STOCK COMPENSATION
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
EMPLOYEE STOCK COMPENSATION EMPLOYEE STOCK COMPENSATION
On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (“2018 Omnibus Plan”). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of September 30, 2020, 3,372,588 shares were available for future awards.
Stock-based Compensation Expense
The following table presents stock-based compensation expense and the related tax benefits for the periods indicated:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
($ in thousands)2020201920202019
Stock options$— $3 $4 $(13)
Restricted stock awards and units1,346 1,491 4,388 3,857 
Total share-based compensation expense$1,346 $1,494 $4,392 $3,844 
Related tax benefits$396 $439 $1,293 $1,130 

The following table presents unrecognized stock-based compensation expense as of September 30, 2020:
($ in thousands)Unrecognized ExpenseWeighted-Average Remaining Expected Recognition Period
Restricted stock awards and restricted stock units$8,189 2.1 years
Total$8,189 2.1 years
Stock Options
We issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a three to five year vesting period and contractual terms of seven to ten years. We recognize an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair market value of the shares acquired at the time of exercise less the exercise price.
The following table represents stock option activity for the three months ended September 30, 2020:
Three Months Ended September 30, 2020
($ in thousands except per share data)Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contract TermAggregated Intrinsic Value
Outstanding at beginning of period55,069 $13.96 3.7 years
Outstanding at end of period55,069 $13.96 3.5 years$(210)
Exercisable at end of period55,069 $13.96 3.5 years$(210)

The following table represents stock option activity for the nine months ended September 30, 2020:
Nine Months Ended September 30, 2020
($ in thousands except per share data)Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contract TermAggregated Intrinsic Value
Outstanding at beginning of period62,521 $13.85 4.3 years
Exercised(7,452)$13.05 5.2 years
Outstanding at end of period55,069 $13.96 3.5 years$(210)
Exercisable at end of period55,069 $13.96 3.5 years$(210)

The following table sets forth information regarding unvested stock options for the three and nine months ended September 30, 2020:
Three Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020
Number of SharesWeighted-Average Exercise Price Per ShareNumber of SharesWeighted-Average
Exercise Price
Per Share
Outstanding at beginning of period2,248 $13.75 2,248 $13.75 
Vested(2,248)$13.75 (2,248)$13.75 
Forfeited— $— — $— 
Outstanding at end of period— $— — $— 

Restricted Stock Awards and Restricted Stock Units
We also have granted restricted stock awards and restricted stock units to certain employees, officers, and directors. The restricted stock awards and units are valued at the closing price of our stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from one to five years) of continued service from the date of grant plus, in some cases, the satisfaction of performance conditions. These performance targets include conditions relating to our profitability and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation Committee of our Board of Directors upon the Committee's certification of the satisfaction of the target level of performance. We recognize an income tax deduction in an amount equal to the taxable income reported by the holders of the
restricted stock, generally upon vesting or, in the case of restricted stock units, when settled. The following table presents unvested restricted stock awards and restricted stock units activity for the three and nine months ended September 30, 2020:
Three Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020
Number of SharesWeighted Average Grant Date Fair Value Per ShareNumber of SharesWeighted
Average Grant
Date Fair Value
Per Share
Outstanding at beginning of period912,670 $14.91 923,482 $15.74 
Granted (1)
4,457 $11.22 358,593 $13.76 
Vested (2)
(15,881)$15.42 (309,576)$15.92 
Forfeited (3)
(18,005)$16.09 (89,258)$16.69 
Outstanding at end of period883,241 $14.86 883,241 $14.86 
(1)There were zero and 78,771 performance-based shares/units included in shares granted for the three and nine months ended September 30, 2020.
(2)There were zero and 18,473 performance-based shares/units included in vested shares for the three and nine months ended September 30, 2020.
(3)The number of forfeited shares includes aggregate performance-based shares/units of zero and 17,404 for the three and nine months ended September 30, 2020.

Stock Appreciation Rights
On August 21, 2012, we granted to the then, and now former, chief executive officer, a ten-year stock appreciation right (“SAR”).
The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended September 30, 2020:
Three Months Ended September 30, 2020
($ in thousands except per share data)Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contract TermAggregated Intrinsic Value
Outstanding at beginning of period1,559,012 $11.60 2.1 years$(1,812)
Outstanding at end of period1,559,012 $11.60 1.9 years$(2,264)
Exercisable at end of period1,559,012 $11.60 1.9 years$(2,264)

The following table represents SARs activity and the weighted average exercise price per share as of and for the nine months ended September 30, 2020:
Nine Months Ended September 30,
($ in thousands except per share data)Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contract TermAggregated Intrinsic Value
Outstanding at beginning of period1,559,012 $11.60 2.6 years$8,508 
Outstanding at end of period1,559,012 $11.60 1.9 years$(2,264)
Exercisable at end of period1,559,012 $11.60 1.9 years$(2,264)