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SHARE-BASED PAYMENTS
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
SHARE-BASED PAYMENTS
NOTE 16 - SHARE-BASED PAYMENTS
In connection with the Company’s 2010 private offering, 32,425 warrants were issued to shareholders, one warrant for every twenty shares of common stock purchased. Each warrant allowed the shareholders to purchase an additional share of common stock at $12.00 per share. The warrants were issued with an effective date of March 30, 2010 and were exercisable in whole or in part up to seven years following the date of issuance. The warrants were detachable from the common stock. The warrants expired on March 30, 2017; therefore, at December 31, 2018 and 2019, there were no outstanding warrants.
The Company has two share based compensation plans as described below. Total compensation cost that has been charged against income for those plans was $5,917, $6,569, and $2,802, respectively, for 2019, 2018, and 2017. The total income tax benefit related to vesting of restricted stock and exercises of stock options was $201, $647, and $805, respectively, for 2019, 2018 and 2017.
Stock Options:
The Company’s 2007 Omnibus Equity Incentive Plan (the “2007 Plan”), as amended and shareholder-approved, provided for authorized shares up to 4,000,000. The 2007 Plan provided that no options intended to be incentive stock options may be granted after April 9, 2017. As a result, the Company’s Board of Directors approved, and recommended to its shareholders for approval, an equity incentive plan, the 2017 Omnibus Equity Incentive Plan which the Company’s shareholders approved at the 2017 annual meeting of shareholders. On April 12, 2018, the Company’s Board of Directors approved the Amended and Restated 2017 Omnibus Equity Incentive Plan (“Amended and Restated 2017 Plan”) to make certain changes in response to feedback received from its shareholders. The terms of the Amended and Restated 2017 Plan are substantially similar to the terms of the 2007 Plan it was intended to replace. The Amended and Restated 2017 Plan provides for authorized shares up to 3,500,000. At December 31, 2019, there were 2,410,486 authorized shares available for issuance under the Amended and Restated 2017 Plan.
Employee, organizer and director awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have a vesting period of two to five years and have a ten-year contractual term with certain events allowing for accelerated vesting. The Company assigns discretion to its Board of Directors to make grants either as qualified incentive stock options or as non-qualified stock options. All employee grants are intended to be treated as qualified incentive stock options, if allowable. All other grants are expected to be treated as non-qualified.
The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected stock price volatility is based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior.
The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.
The fair value of options granted was determined using the following weighted-average assumptions as of grant date.
201920182017
Risk-free interest rate1.68 %3.10 %2.05 %
Expected term7 years7.5 years6.9 years
Expected stock price volatility29.73 %30.79 %33.21 %
Dividend yield0.60 %— %0.03 %
The weighted average fair value of options granted for the years ended December 31, 2019, 2018 and 2017 was $9.68, $11.50, and $14.43, respectively. 
A summary of the activity with respect to stock options for the years ended December 31, 2019, 2018 and 2017 follows:
SharesWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20171,395,016  $16.70  
Granted295,820  37.68  
Exercised(180,555) 11.87  
Forfeited, expired, or cancelled(3,113) 25.37  
Outstanding at December 31, 20171,507,168  $21.37  
Granted572,637  30.48  
Exercised(244,309) 16.83  
Forfeited, expired, or cancelled(27,574) 28.66  
Outstanding at December 31, 20181,807,922  $24.68  
Granted102,930  27.86  
Exercised(326,818) 17.87  
Forfeited, expired, or cancelled(84,464) 33.64  
Outstanding at December 31, 20191,499,570  $22.39  6.46$12,676  
Vested or expected to vest1,424,592  $25.88  5.85$12,042  
Exercisable at December 31, 2019832,993  $19.62  5.85$12,251  

201920182017
Stock options exercised:
Intrinsic value of options exercised$4,268  $4,873  $4,878  
Cash received from options exercised5,307  3,047  1,615  
Tax benefit realized from option exercises86  565  484  
As of December 31, 2019, there was $3,439 of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.6 years.
Restricted Stock and Restricted Stock Units:
Additionally, the Company’s 2007 Plan and the Amended and Restated 2017 Plan each provides for the granting of restricted share awards and other performance related incentives. When restricted shares are awarded, a participant receives voting and dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. In April 2019, the Company began awarding restricted stock units which participants do not have voting rights or dividend rights until the restrictions have lapsed. These awards typically have a vesting period of three to five years and vest in equal annual installments on the anniversary date of the grant. During 2019, 1,255 restricted share awards were granted from the Amended and Restated 2017 Plan, and during 2018, 126,288 restricted share awards were granted from the Company’s 2007 Plan. All future restricted share awards will be granted from the Amended and Restated 2017 Plan. 
A summary of activity for non-vested restricted share awards for the year ended December 31, 2019, 2018 and 2017 is as follows:
Non-vested SharesSharesWeighted-
Average
Grant-Date
Fair Value
Non-vested at January 1, 2017106,458  $19.81  
Granted27,282  37.35  
Vested(38,995) 18.40  
Forfeited(564) 28.66  
Non-vested at December 31, 201794,181  $25.42  
Granted126,288  33.04  
Vested(40,134) 26.69  
Forfeited(3,819) 31.80  
Non-vested at December 31, 2018176,516  $31.07  
Granted1,255  31.87  
Vested(85,151) 29.51  
Forfeited(1,628) 31.42  
Non-vested at December 31, 201990,992  $32.54  
Compensation expense associated with the restricted share awards is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of December 31, 2019, there was $1,093 of total unrecognized compensation cost related to non-vested shares granted under the 2007 Plan and Amended and Restated 2017 Plan. The cost is expected to be recognized over a weighted-average period of 0.7 years. The total fair value of shares vested during the years ended December 31, 2019, 2018 and 2017 was $2,395, $1,382, and $1,432, respectively.

The Company began granting restricted stock units in 2019. The following table outlines restricted stock units that were granted, grouped by similar vesting criteria, during the twelve months ended December 31, 2019:

Grant YearUnits AwardedService PeriodPeriod in which units to be settled into shares of common stock
20193,447  0.5 years2019
2019156,804  3 years2022

Stock compensation expense related with the restricted stock units for the twelve months ended December 31, 2019 was $1,288. There was no expense related to restricted stock units in 2018. This stock compensation is recognized on a straight-line basis over the time period that the restrictions associated with the awards lapse based on the total cost of the award at the grant date. As of December 31, 2019, there was $3,099 of total unrecognized compensation expense related to non-vested units granted under the 2007 Plan and Amended and Restated 2017 Plan. The expense is expected to be recognized over a weighted-average period of 2.3 years.