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, 2019, 3.7 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 $8.0 million in 2019, $8.1 million in 2018,

and $6.3 million in 2017. The total income tax benefit was $2.0 million in 2019, $2.0 million in 2018, and $2.4 million in 2017.

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, 2019
Nonvested balance at beginning of period		419		$	16.77
Granted during the year		214			16.50
Vested during the year		(201	)		16.00
Forfeited during the year		(26	)		17.19
Nonvested balance at end of period		406		$	16.98

As of December 31, 2019, there was $4.2 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 1.8 years. The total fair value of the shares vested was $3.4 million in 2019, 2018, and 2017.

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, 2019
Nonvested balance at beginning of period		893		$	13.31
Granted during the year		375			12.67
Vested during the year		(308	)		10.17
Forfeited during the year		(27	)		13.61
Dividend equivalents adjustment		32			13.85
Nonvested balance at end of period		965		$	14.07

As of December 31, 2019, there was $4.1 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 1.7 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 and stock appreciation rights through prior year acquisitions. Old National recorded no incremental expense associated with the conversion of these options and stock appreciation rights.

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
				Exercise		Contractual		Value
(shares in thousands)	Shares			Price		Term in Years		(in thousands)
Year Ended December 31, 2019
Outstanding at beginning of period		92		$	6.30
Exercised		(29	)		10.44
Forfeited/expired		(6	)		7.73
Outstanding at end of period		57		$	4.11		2.02	$	814.2
Options exercisable at end of year		57		$	4.11		2.02	$	814.2

At December 31, 2019, the outstanding shares consisted of stock appreciation rights acquired through prior year acquisitions.

	Years Ended December 31,
(dollars in thousands)	2019		2018		2017
Intrinsic value of options exercised	$	178	$	385	$	806
Cash received from option exercises		280		948		2,655
Tax benefit realized from option exercises		71		154		318

As of December 31, 2019, all options were fully vested and all compensation costs had been expensed.

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 2019, 12 thousand shares were issued to directors, compared to 16 thousand shares in 2018, and 20 thousand shares in 2017.