In 1993, the Company adopted a Stock Option Plan for key employees as an incentive for them to assist the Company in achieving long-range performance goals. During 2005, the Company’s shareholders amended the plan to permit the issuance of restricted stock, restricted stock units, and stock appreciation rights.

In 2017, the Company adopted the 2017 Equity and Cash Incentive Plan (the “2017 Plan”) and all future awards will be made under the 2017 Plan. The 2017 plan permits the issuance of restricted stock, restricted stock units (both time and performance-based), stock options, and stock appreciation rights.

Stock options time-vest over a five-year period. All options expire ten years from the date granted and have been issued at fair value at the date of grant which, in some instances, may be less than publicly traded values. There were no outstanding stock options at December 31, 2019. A summary of stock option transactions for the year ended December 31, 2018 is presented below:

	2019				2018
	Number of Options		Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
Stock Options
Outstanding at beginning of year		—	$	—		16,377		$	29.21
Granted		—		—		—			—
Forfeited		—		—		—			—
Expired		—		—		(2,600	)		29.21
Exercised		—		—		(13,777	)		29.21
Outstanding at end of year		—	$	—		—		$	—
Exercisable at end of year		—	$	—		—		$	—

Restricted stock awards time-vest either over a three-year or five-year period and have been fair valued as of the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. A summary of restricted stock transactions for the periods of December 31, 2019 and 2018, and changes during the years ended on those dates, is presented below:

	2019					2018
	Number of Shares			Weighted Average Grant Value		Number of Shares			Weighted Average Grant Value
Restricted stock
Non-vested at beginning of year		41,311		$	65.10		43,240		$	53.13
Granted		11,330			75.67		17,373			80.43
Vested		(14,642	)		60.55		(15,760	)		50.10
Forfeited		(1,878	)		65.33		(3,542	)		60.84
Non-vested at end of year		36,121		$	70.25		41,311		$	65.10

Performance-based restricted stock units vest based upon the Company’s performance over a three-year period and have been fair valued as of the date of grant. The holders of performance-based restricted stock units do not participate in the rewards of stock ownership of the Company until vested. A summary of non-vested performance-based restricted stock units outstanding as of December 31, 2019 and 2018, and changes during the years ended on those dates, is presented below:

	2019					2018
	Number of Units			Weighted Average Grant Value		Number of Units			Weighted Average Grant Value
Performance-based restricted stock units
Non-vested at beginning of year		41,411		$	66.39		21,613		$	56.05
Granted		28,542			73.00		23,511			76.56
Vested (Performance achieved)		(12,697	)		46.00		—			—
Forfeited		—			—		(3,713	)		70.68
Expired (Performance not achieved)		—			—		—			—
Non-vested at end of year		57,256		$	72.82		41,411		$	66.39

Time based restricted stock units vest over a three-year-period and have been fair valued as of the date of the grant. The holders of time based restricted stock units do not participate in the rewards of stock ownership of the company until vested. A summary of nonvested time based restricted stock units outstanding as of December 31, 2019 and 2018, and changes during the years ended on those dates, is presented below:

	2019					2018
	Number of Shares			Weighted Average Grant Value		Number of Shares			Weighted Average Grant Value
Time-based restricted stock units
Non-vested at beginning of year		6,777		$	76.56		—		$	—
Granted		8,132			73.00		7,839			76.56
Vested		(2,251	)		76.56		(225	)		76.56
Forfeited		—			—		(837	)		76.56
Non-vested at end of year		12,658		$	74.27		6,777		$	76.56

The following table presents the amounts recognized in the consolidated income statement for restricted stock awards, time-based restricted stock units, and performance-based restricted stock units:

	December 31,
	2019		2018		2017
	(dollars in thousands)
Share-based compensation expense	$	2,632	$	2,592	$	1,045
Related income tax benefit	$	733	$	729	$	427

The 2017 Plan allows Directors of the Company to receive their annual retainer fee in the form of stock in the Company. Total shares issued under the 2017 Plan in the years ended December 31, 2019 and 2018 were 4,484 and 4,164, respectively.