SHAREHOLDERS EQUITY (Tables)

9 Months Ended

Sep. 30, 2021

SHAREHOLDERS EQUITY

Schedule of summarizes activity for nonqualified stock options

The following summarizes activity for nonqualified stock options for the nine months ended September 30, 2021:

				Weighted
		Weighted		Average
	Number	Average		Remaining	Aggregate
	of	Exercise		Contractual	Intrinsic
	Options	Price		Term	Value
Outstanding as of December 31, 2020	419,197	$	29.02
Granted	—		—
Exercised	(3,750)		21.00
Forfeited or expired	(36,050)		35.91
Outstanding as of September 30, 2021	379,397		28.44	1.9	(1)
Options fully vested / exercisable as of September 30, 2021	375,827		28.46	1.8	(1)

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⁽¹⁾ Nonqualified stock options outstanding at the end of the period and those fully vested / exercisable had immaterial aggregate intrinsic values.

Schedule of summarizes the activity for the Time Vesting Units, the Financial Performance Units and the Market Performance Units

	Time	Financial	Market
	Vesting	Performance	Performance
	Units	Units	Units
Outstanding as of December 31, 2020	285,052	152,430	14,862
Granted	59,194	41,743	—
Vested	(66,453)	—	—
Forfeited	(14,307)	(10,149)	(1,116)
Outstanding as of September 30, 2021	263,486	184,024	13,746

Schedule of financial performance units activity

The following presents the Company’s existing Financial Performance Units as of September 30, 2021 (dollars in thousands, except share amounts):

Grant Period	Threshold Accrual	Maximum Issuable Shares at Current Threshold	Unrecognized Compensation Expense		Weighted-Average (1)	Financial Metric End Date	Vesting Requirement End Date
Prior to May 1, 2019	50% on half; 100% on other half	9,198	$	18	0.3 years	December 31, 2019	December 31, 2021
May 1, 2019 through April 30, 2020	150%	80,255		372	2.3 years	December 31, 2021	December 31, 2023
May 1, 2020 through December 31, 2020, excluding November 18, 2020	150%	81,516		474	3.3 years	December 31, 2022	December 31, 2023
On November 18, 2020	150%	34,752		346	3.1 years	December 31, 2022	50% November 18, 2023 & 2025
May 3, 2021 through August 11, 2021	150%	61,118		970	4.3 years	December 31, 2023	December 31, 2025

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⁽¹⁾ Represents the expected unrecognized stock-based compensation expense recognition period.

The following presents the Company’s Financial Performance Units activity for the nine months ended September 30 of the years noted (dollars in thousands, except share amounts):

	Units Granted		Compensation Expense Recognized
Grant Period	2021	2020	2021		2020
Prior to May 1, 2019	—	—	$	23	$	49
May 1, 2019 through April 30, 2020	—	1,866		154		246
May 1, 2020 through December 31, 2020, excluding November 18, 2020	—	58,993		153		97
On November 18, 2020		—		94		—
May 3, 2021 through August 11, 2021	41,743	—		140		—