Stock-based Compensation

3 Months Ended

Mar. 31, 2020

Stock-based Compensation [Abstract]

Stock-based Compensation

5 - STOCK-BASED COMPENSATION 

The Corporation has 2,250,000 shares of common stock reserved for awards under the 2014 Equity Incentive Plan (“2014 Plan”). All of the 2,250,000 shares may be issued pursuant to the exercise of stock options or stock appreciation rights. A maximum of 787,500 shares may be issued as restricted stock awards or restricted stock units (“RSUs”). At March 31, 2020, 1,632,858 equity awards remain available to be granted under the 2014 Plan of which 191,629 may be granted as restricted stock awards or RSUs.

The following tables present a summary of RSUs and options outstanding at March 31, 2020 and changes during the three month period then ended. Of the 165,519 RSUs outstanding at quarter end, 58,144 are scheduled to vest during 2020.

				Weighted-
		Weighted-		Average		Aggregate
		Average		Remaining		Intrinsic
	Number of	Grant-Date		Contractual		Value
	RSUs	Fair Value		Term (yrs.)		(in thousands)
Outstanding at January 1, 2020	254,591	$	22.87
Granted	68,383		21.30
Converted	(156,705)		23.94
Forfeited	(750)		26.00
Outstanding at March 31, 2020	165,519	$	21.19		1.44	$	2,872

				Weighted-
		Weighted-		Average		Aggregate
		Average		Remaining		Intrinsic
	Number of	Exercise		Contractual		Value
	Options	Price		Term (yrs.)		(in thousands)
Outstanding at January 1, 2020	55,346	$	12.34
Exercised	(17,673)		11.14
Forfeited or expired	(1,125)		10.37
Outstanding at March 31, 2020	36,548	$	12.98		0.91	$	160
Exercisable at March 31, 2020	36,398	$	12.97		0.89	$	159

As of March 31, 2020, there was $2,080,000 of total unrecognized compensation cost related to non-vested equity awards comprised substantially of RSUs. The total cost is expected to be recognized over a weighted-average period of 1.7 years.