Our Amended and Restated 2008 Incentive Compensation Plan (the “ICP”), which was shareholder-approved, permits the grant of share-based awards to its employees. At December 31, 2018, 4.4 million shares were available for issuance. The granting of awards to key employees is typically in the form of restricted stock awards or units. We believe that such awards better align the interests of our employees with those of our shareholders. Total compensation cost that has been charged against income for the ICP was $8.1 million in 2018, $6.3 million in 2017, and $7.3 million in 2016. The total income tax benefit was $2.0 million in 2018, $2.4 million in 2017, and $2.8 million in 2016.

Restricted stock awards require certain service requirements and commonly have vesting periods of 3 years. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants.

				Weighted
				Average
				Grant-Date
(shares in thousands)	Shares			Fair Value
Year Ended December 31, 2018
Nonvested balance at beginning of period		407		$	15.41
Granted during the year		217			17.47
Vested during the year		(195	)		14.80
Forfeited during the year		(10	)		15.08
Nonvested balance at end of period		419		$	16.77

As of December 31, 2018, there was $4.5 million of total unrecognized compensation cost related to nonvested shares granted under the ICP. The cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of the shares vested was $3.4 million in 2018, $3.4 million in 2017, and $3.8 million in 2016.

Restricted stock units require certain performance requirements and have vesting periods of 3 years. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants.

				Weighted
				Average
				Grant-Date
(shares in thousands)	Shares			Fair Value
Year Ended December 31, 2018
Nonvested balance at beginning of period		849		$	13.30
Granted during the year		288			13.62
Vested during the year		(92	)		13.65
Forfeited during the year		(185	)		13.58
Dividend equivalents adjustment		33			13.32
Nonvested balance at end of period		893		$	13.31

As of December 31, 2018, there was $4.3 million of total unrecognized compensation cost related to nonvested shares granted under the ICP. The cost is expected to be recognized over a weighted-average period of 1.6 years.

Option awards are generally granted with an exercise price equal to the market price of our Common Stock at the date of grant; these option awards have vesting periods ranging from 3 to 5 years and have 10-year contractual terms.

Old National has not granted stock options since 2009. However, Old National did acquire stock options through prior year acquisitions. Old National recorded no incremental expense associated with the conversion of these options.

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
				Exercise		Contractual		Value
(shares in thousands)	Shares			Price		Term in Years		(in thousands)
Year Ended December 31, 2018
Outstanding at beginning of period		225		$	11.92
Exercised		(76	)		12.59
Forfeited/expired		(57	)		20.16
Outstanding at end of period		92		$	6.30		2.08	$	836.7
Options exercisable at end of year		92		$	6.30		2.08	$	836.7

	Years Ended December 31,
(dollars in thousands)	2018		2017		2016
Intrinsic value of options exercised	$	385	$	806	$	660
Cash received from option exercises		948		2,655		2,349
Tax benefit realized from option exercises		154		318		264

As of December 31, 2018, all options were fully vested and all compensation costs had been expensed.

Old National has never granted stock appreciation rights. However, Old National did acquire stock appreciation rights through a prior year acquisition. Old National recorded no incremental expense associated with the conversion of these stock appreciation rights. At December 31, 2018, 61 thousand stock appreciation rights remained outstanding.

Old National maintains a director stock compensation program covering all outside directors. Compensation shares are earned semi-annually. Beginning in 2017, any shares awarded to directors are anticipated to be issued from the ICP. In 2018, 16 thousand shares were issued to directors, compared to 20 thousand shares in 2017.