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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes information about restricted stock unit activity for the year ended December 31, 2019. The Company started granting restricted stock units in 2018.
 
Restricted Stock Units
Weighted Average Grant Date Fair Value
Non-vested at January 1, 2019
3,478

$
31.62

Granted
4,018

$
30.79

Vested
—

$
—

Canceled
—

$
—

Non-vested at December 31, 2019
7,496

$
31.18

 
 
 
Non-vested at January 1, 2018
—

$
—

Granted
3,478

$
31.62

Vested
—

$
—

Canceled
—

$
—

Non-vested at December 31, 2018
3,478

$
31.62

 
 
 
The following table summarizes information about stock option activity for the year ended December 31, 2019.
 
Shares
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value
Outstanding at January 1, 2019
293,058

$
24.92

 
 
Granted
53,560

$
30.79

 
 
Exercised
(86,508
)
$
20.69

 
 
Forfeited
(18,868
)
$
25.83

 
 
Outstanding at December 31, 2019
241,242

$
27.58

6.50
$
2,465

Vested at Period-End
126,081

$
24.71

4.96
$
1,649

Expected to Vest
115,161

$
30.72

8.19
$
816

Long Term Incentive Plan

The Long Term Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock, restricted stock units, performance units and performance shares. The Compensation Committee of the Board of Directors administers the Long Term Incentive Plan.
Shares Available for Grant at Period-End
 
 
 
225,485

The following table presents information on the amounts expensed related to Restricted Stock Units awarded pursuant to the Long Term Incentive Plan for the year ended December 31, 2019.
 
 
2019

 
2018

Amount Expensed During the Year
 
$
75

 
$
34

Compensation Costs for Non-vested Awards Not Yet Recognized
 
126

 
76
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
The following is the Schedule of Stock Options Granted Under the Long Term Incentive Plan by Exercise Price Range.
 
Exercise Price Ranges
 
 
$19.01
$20.29 to $20.87
$21.35
$22.51 to $22.97
$30.79 to $30.91
$34.05
Total
Outstanding at December 31, 2019
 
 
 
 
 
 
 
Number of Stock Options Outstanding
1,872

27,325

20,338

52,385

98,614

40,708

241,242

Weighted-Average Remaining Contractual Life (in years)
0.08

1.92

4.08

5.66

8.61

7.07

6.50

Weighted-Average Exercise Price
$
19.01

$
20.57

$
21.35

$
22.78

$
30.85

$
34.05

$
27.58

 
 
 
 
 
 
 
 
Vested at December 31, 2019
 
 
 
 
 
 
 
Number of Stock Options Outstanding
1,872

27,325

20,338

42,672

12,570

21,304

126,081

Weighted-Average Remaining Contractual Life (in years)
0.08

1.92

4.08

5.56

8.09

7.07

4.96

Weighted-Average Exercise Price
$
19.01

$
20.57

$
21.35

$
22.73

$
30.91

$
34.05

$
24.71
Other Stock Based Compensation Disclosure Table
The following is the Schedule of Other Information on Stock Options Granted.
 
 
2019
 
2018
 
2017
Stock Options Granted
 
53,560

 
55,070

 
59,009

Weighted Average Grant Date Information:
 
 
 
 
 
 
Fair Value of Options Granted
 
$
5.58

 
$
5.43

 
$
5.89

Fair Value Assumptions:
 
 
 
 
 
 
Dividend Yield
 
3.26
%
 
2.98
%
 
2.72
%
Expected Volatility
 
22.58
%
 
21.55
%
 
21.40
%
Risk Free Interest Rate
 
2.63
%
 
2.68
%
 
2.25
%
Expected Lives (in years)
 
8.68

 
6.98

 
6.88

 
 
 
 
 
 
 
Amount Expensed During the Year
 
$
316

 
$
322

 
$
351

Compensation Costs for Non-vested Awards Not Yet Recognized
 
487

 
504

 
528

Weighted Average Expected Vesting Period, In Years
 
2.07

 
2.74

 
2.59

Proceeds From Stock Options Exercised
 
$
1,792

 
$
2,255

 
$
1,190

Tax Benefits Related to Stock Options Exercised
 
227

 
240

 
168

Intrinsic Value of Stock Options Exercised
 
1,073

 
1,552

 
825
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures
Schedule of ESOP Compensation Expense
 
 
2019
 
2018
 
2017
ESOP Compensation Expense
 
$
1,368

 
$
1,400

 
$
1,400


Prior to December 31, 2019, shares pledged as collateral were reported as unallocated ESOP shares in stockholders’ equity.  As shares were released from collateral, Arrow reported compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings per share computations. During the year ended December 31, 2019, all remaining unallocated shares were released. The ESOP shares as of December 31, 2019 were as follows:

Schedule of Shares in ESOP Plan
ESOP Plan Shares:
2019
Allocated Shares
759,321

Shares Released for Allocation During 2019
5,151

Unallocated Shares
—

Total ESOP Shares
764,472