On July 25, 2013, the Company adopted 2013 Equity Based Stock Compensation Plan (“2013 EBSC Plan”) approved by its shareholders to replace the 2003 Stock Option Plan. The 2013 EBSC Plan provides 1,114,446 shares of common stock for equity based compensation awards including incentive and non-qualified stock options and restricted stock awards. As of September 30, 2020, there were 542,454 shares available for future grants.

The following table presents share-based compensation expense and the related tax benefits for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2020		2019		2020		2019
Share-based compensation expense related to:
Stock options	$	162	$	158	$	478	$	481
Restricted stock awards	38		22		114		22
Total share-based compensation expense	$	200	$	180	$	592	$	503
Related tax benefits	$	21	$	11	$	61	$	33

The following table presents unrecognized share-based compensation expense as of September 30, 2020:

($ in thousands)

Unrecognized Expense

Weighted-Average Remaining Expected Recognition Period

Unrecognized share-based compensation expense related to:

Stock options

485

2.2 years

Restricted stock awards

475

3.3 years

Total unrecognized share-based compensation expense

960

2.8 years

The Company has issued stock options to certain employees, officers and directors. Stock options are issued with exercise prices of the closing market price of the Company’s stock on the grant date, and generally have a three-to five-year vesting period with contractual terms of ten years.

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 Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	726,143	$	10.84	5.6 years	$	—

Exercised	(868)	$	3.38	3.8 years

Outstanding at end of period	725,275	$	10.85	5.3 years	$	—
Exercisable at end of period	505,098	$	9.79	4.8 years	$	—

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 Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	829,376	$	10.32	5.8 years	$	5,776

Exercised	(99,261)	$	6.41	3.2 years
Forfeited	(4,840)	$	10.33	5.6 years
Outstanding at end of period	725,275	$	10.85	5.3 years	$	—
Exercisable at end of period	505,098	$	9.79	4.8 years	$	—

The following table represents 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 Shares	Weighted-Average Exercise Price Per Share		Number of Shares	Weighted-Average Exercise Price Per Share
Outstanding at beginning of period	224,177	$	13.29	246,317	$	13.31

Vested	(4,000)	$	14.00	(21,300)	$	14.38
Forfeited	—	$	—	(4,840)	$	10.33
Outstanding at end of period	220,177	$	13.27	220,177	$	13.27

The Company also has granted restricted stock awards (“RSAs”) to certain employees and officers. The RSAs are valued at the closing market price of the Company’s stock on the grant date and generally have a three-to five-year vesting period. The following table represents RSAs 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 Shares	Weighted-Average Grant Date Fair Value Per Share		Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period	38,400	$	16.53	37,400	$	16.60
Granted	900	$	9.33	1,900	$	11.64
Vested	(9,000)	$	16.69	(9,000)	$	16.69

Outstanding at end of period	30,300	$	16.27	30,300	$	16.27