NOTE J – Stock Based Compensation Plan

As more fully discussed in Note 14 of the notes to the consolidated financial statements in our 2019 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.

The following table summarizes our award activity during the three months ended March 31, 2020:

	Service-Based Restricted Stock Awards				Performance-Based Restricted Stock Awards					Stock-Settled Appreciation Rights
	Shares or Units		Weighted-Average Award Price		Shares or Units			Weighted-Average Award Price		Rights			Weighted-Average Award Price
Outstanding at December 31, 2019		234,810	$	20.93		214,809		$	21.38		7,500		$	18.14
Granted/Issued		145,375		20.42		120,727			20.42		—
Awards vested or rights exercised⁽¹⁾		—		—		(44,875	)		22.12		(7,500	)	$	18.14
Forfeited		—		—		(76,493	)		20.29		—			—
Outstanding at March 31, 2020		380,185	$	20.73		214,168		$	21.08		—			—
Awards expected to vest		—		—		91,791		$	21.93		—			—

(1)	Includes shares repurchased from employees for employee’s tax liability.

The aggregate intrinsic value of outstanding service-based restricted stock awards was $4.5 million at March 31, 2020. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year and three-year periods.

The total fair value of performance-based restricted stock awards that vested during the three months ended March 31, 2020 was $0.8 million. The aggregate intrinsic value of outstanding performance awards at March 31, 2020 expected to vest was $1.1 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.

The fair value for stock-settled appreciation rights were estimated at the date of grant using a Black Scholes pricing model. The total intrinsic value of stock-settled appreciation rights exercised during the three months ended March 31, 2020 was $18,000.

The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and for the three months ended March 31, 2020 and 2019 was approximately $972,000 and $1,061,000, respectively. Forfeitures are recognized as they occur. As of March 31, 2020, the total compensation cost related to unvested equity awards was approximately $5,744,000 and is expected to be recognized over a weighted-average period of 2.3 years.