Stock-based Compensation

6 Months Ended

Jun. 30, 2020

Stock-based Compensation [Abstract]

Stock-based Compensation

5 - STOCK-BASED COMPENSATION 

The following tables present a summary of restricted stock units (“RSUs”) and options outstanding at June 30, 2020 and changes during the six month period then ended. Of the 167,019 RSUs outstanding at quarter end, 57,144 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	70,883		21.05
Converted	(157,705)		23.91
Forfeited	(750)		26.00
Outstanding at June 30, 2020	167,019	$	21.10		1.22	$	2,729

				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 and exercisable at June 30, 2020	36,548	$	12.98		0.66	$	123

As of June 30, 2020, there was $1,804,000 of total unrecognized compensation cost related to non-vested RSUs. The total cost is expected to be recognized over a weighted-average period of 1.5 years.

In April 2020, 38,064 shares of the Corporation’s common stock were granted to its Directors as stock awards with immediate vesting.