The Company has two stock-based compensation plans currently in effect as of December 31, 2020, as described further below. Total compensation cost that has been charged against earnings for these plans in 2020, 2019, and 2018 was $997,000, $1,275,000, and $969,000, respectively.

2005 Plan: In 2005, the Board of Directors and shareholders of the Bank approved a stock option plan for the benefit of directors and employees of the Bank (the “2005 Plan”). The 2005 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization. Under the 2005 Plan, the Bank was authorized to grant options to purchase up to 770,000 shares of the Company’s common stock.

The exercise prices of the options may not be less than 100 percent of the fair value of the Company’s common stock at the date of grant. The options, when granted, vest either immediately or ratably over five years from the date of the grant and expire after ten years if not exercised. The 2005 Plan expired in 2015 and no future grants can be made under the 2005 Plan.

A summary of the transactions under the 2005 Plan for the year ended December 31, 2020 is as follows:

				Weighted
	Number of			Average		Aggregate
	Options			Exercise		Intrinsic
	Outstanding			Price		Value
	(Dollars in thousands, except share data)
Outstanding, as of January 1, 2020		155,000		$	4.70
Options granted		—			—
Options exercised		(55,000	)		1.15
Options forfeited		—			—
Options expired		—			—
Outstanding, as of December 31, 2020		100,000			5.77	$	195
Fully vested and expected to vest		100,000			5.77	$	195
Vested		100,000		$	5.77	$	195

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Intrinsic value of options exercised	$	370	$	592	$	634
Cash received from option exercises		63		179		195
Tax benefit realized from option exercised		17		5		—

The weighted average remaining contractual term of stock options outstanding under the 2005 Plan at December 31, 2020 was 2.6 years. The weighted average remaining contractual term of stock options that were exercisable at December 31, 2020 was 2.6 years. All of the stock options that are outstanding under the 2005 Plan were fully vested as of December 31, 2020.

2010 Plan: In 2010, the Board of Directors of the Bank approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Bank (the “2010 Plan”). In 2013, the 2010 Plan was amended and approved by the shareholders to increase the number of shares authorized to be issued under from 1,350,000 shares to 2,500,000 shares of common stock. The 2010 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization.

The exercise prices of stock options granted under the plan may not be less than 100 percent of the fair value of the Company’s stock at the date of grant. The options, when granted, vest ratably over five years from the date of the grant and expire after ten years if not exercised. There were no stock options granted under the 2010 Plan during 2020 or 2019.

Restricted stock awards issued under the 2010 Plan may or may not be subject to vesting provisions. Awards which were granted in 2020 and 2019 vest at the end of three years or five years from the date of the grant. Owners of the restricted stock awards shall have all of the rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date.

A summary of the transactions under the 2010 Plan for the year ended December 31, 2020 is as follows:

				Weighted
	Number of			Average		Aggregate
	Options			Exercise		Intrinsic
	Outstanding			Price		Value
	(Dollars in thousands, except share data)
Outstanding, as of January 1, 2020		365,000		$	5.78
Options granted		—			—
Options exercised		(145,000	)		2.19
Options forfeited		—			—
Options expired		—			—
Outstanding, as of December 31, 2020		220,000			7.75	$	52
Fully vested and expected to vest		212,500			7.74	$	52
Vested		190,000		$	7.71	$	52

Information related to stock options exercised under the 2010 Plan for the periods indicated follows:

	Year Ended December 31,
(Dollars in thousands)	2020		2019		2018
Intrinsic value of options exercised	$	729	$	1,728	$	1,338
Cash received from option exercises		317		385		519
Tax benefit realized from option exercised		157		453		286

The weighted average remaining contractual term of stock options outstanding under the 2010 Plan at December 31, 2020 was 3.12 years. The weighted average remaining contractual term of stock options that were exercisable at December 31, 2020 was 3.09 years.

A summary of the changes in the Company’s non-vested restricted stock awards under the 2010 Plan for the year ended December 31, 2020 is as follows:

	Shares Issued			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	(Dollars in thousands, except share data)
Non-vested, as of January 1, 2020		294,500		$	9.20
Awards granted		13,359			6.37
Awards vested		(138,859	)		5.92
Awards forfeited		(14,500	)		11.77
Non-vested, as of December 31, 2020		154,500		$	11.66	$	1,190

Information related to non-vested restricted stock awards under the 2010 Plan for the periods indicated follows:

The 2010 Plan expired in August 2020 and no future grants can be made under the 2010 Plan. As of December 31, 2020, the Company had approximately $507,000 of unrecognized compensation cost related to unvested stock options and restricted stock awards under the 2010 Plan. The Company expects to recognize these costs over a weighted average period of 0.77 years.