The Company’s Amended and Restated 2017 Incentive Stock Plan (the “2017 Plan”) authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 5,126,950 shares of various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards were permitted to be issued under the 2017 Plan after April 29, 2021. Options granted and outstanding vest over the requisite service period and expire ten years from the date of grant.

The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation Committee to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards.

Stock compensation expense was approximately $3,196, $3,534 and $1,715 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in Selling, general and administrative expenses. During 2019, the Company reversed previously recognized compensation expense of $2,031 related to the resignation of the Company’s President and Chief Executive Officer effective October 25, 2019. Total unrecognized compensation cost related to non-vested share-based compensation arrangements at December 31, 2021 was approximately $4,263, which will be recognized over the next three years, as such compensation is earned.

There were no options granted in 2021 and 2020. Options granted in 2019 were as follows:


Year	Options		Exercise Price
2019		235,474	$	18.54

Options exercised in 2021, 2020 and 2019 were as follows:


Year	Options		Exercise Price
2021		192,504	$11.62 to $21.30
2020		97,779	$10.10 to $18.69
2019		221,695	$11.62 to $14.30

In addition, options totaling 30,094, 81,944 and 268,545 expired or were forfeited during the years ended December 31, 2021, 2020 and 2019, respectively.

Options outstanding and exercisable at December 31, 2021, 2020 and 2019 were as follows:


Year	Outstanding		Range of Exercise Prices	Exercisable		Weighted Average Exercise Price
2021		308,572	$11.62 to $21.30		297,295	$	18.64
2020		531,170	$11.62 to $21.30		460,341	$	17.94
2019		710,893	$10.10 to $21.30		486,382	$	17.31

The fair value of options granted is estimated using an option pricing model based on the assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole. The Company used the binomial lattice option pricing model based on the assumptions set forth in the following table.


	2019
Risk free interest rate		2.70	%
Expected dividend yield		2.76	%
Expected life of award (years)		6.17
Expected volatility		44.89	%
Fair value per option	$	5.78

The following table provides a summary of stock option activity for the period ended December 31, 2021:


	Shares			Average Exercise Price		Weighted Average Life (in Years)
Outstanding at December 31, 2020		531,170		$	18.09
Options granted		—			—
Options exercised		(192,504	)		16.91
Canceled or forfeited		(30,094	)		19.94
Expired		—			—
Outstanding at December 31, 2021		308,572			18.64		3.74
Exercisable at December 31, 2021		297,295		$	18.64		3.61

The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2021, 2020 and 2019 was $969, $459 and $732, respectively.

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2021:


	Shares			Average Grant-Date Fair Value
Unvested shares at December 31, 2020		519,425
Granted		302,881		$	19.63
Vested		(155,406	)	$	14.72
Forfeited		(166,048	)	$	15.41
Unvested shares at December 31, 2021		500,852

Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. At December 31, 2021, restricted stock awards had vesting periods through November 2024. Included in the December 31, 2021 unvested shares are 306,116 performance-based restricted stock units.