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Share Based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share Based Compensation SHARE-BASED COMPENSATIONUnder the 2014 Long-Term Incentive Plan (“2014 LTIP”), stock options, SARs and RSUs have generally been granted with an exercise price equal to the fair value of Summit's common stock on the grant date. We periodically grant employee stock options to individual employees.
The fair value of our employee stock options and SARs granted under the Plans is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options and SARs granted but are not considered by the model. Because our employee stock options and SARs have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options and SARs at the time of grant. 

A summary of our SAR and stock option activity the first nine months of 2020 and 2019 is as follows:
 For the Nine Months Ended September 30,
 2020
Options/SARs
Aggregate
Intrinsic
Value (in thousands)
Remaining
Contractual
Term (Yrs.)		Weighted-Average
Exercise Price
Outstanding, January 1330,703 $20.44 
Granted— — 
Exercised— — 
Forfeited— — 
Expired— — 
Outstanding, September 30330,703 $349 6.58$20.44 
Exercisable, September 30179,375 $349 5.52$17.03 


 For the Nine Months Ended September 30,
 2019
Options/SARs
Aggregate
Intrinsic
Value (in thousands)
Remaining
Contractual
Term (Yrs.)		Weighted-Average
Exercise Price
Outstanding, January 1232,091 $17.36 
Granted138,125 23.94 
Exercised(31,413)11.83 
Forfeited— — 
Expired— — 
Outstanding, September 30338,803 $1,745 7.41$20.56 
Exercisable, September 30112,989 $1,063 5.59$16.32 

Grants of RSUs include time-based vesting conditions that generally vest ratably over a period of 3 to 5 years. During second quarter 2020, we granted 10,995 RSUs which will vest ratably over 4 years. During first quarter 2020, we granted 1,846 RSUs which will fully vest on the 2 anniversary of the grant date. During 2019, we granted 2,892 RSUs which will vest ratably over 3 years. A summary of our RSU activity and related information is as follows.
Dollars in thousands, except per share amountsRSUsWeighted Average Grant Date Fair Value
Nonvested, December 31, 20192,892 25.93 
Granted12,841 18.19 
Forfeited— — 
Vested(651)25.60 
Nonvested, September 30, 202015,082 20.45 

We recognize compensation expense based on the estimated number of stock awards expected to actually vest, exclusive of the awards expected to be forfeited.  During the first nine months of 2020 and 2019, total stock compensation expense for all share-based arrangements was $402,000 and $430,000 and the related deferred tax benefits were approximately $96,000 and $103,000. For the three months ended September 30, 2020 and 2019, total stock compensation expense for all share-based
arrangements was $80,000 and $149,000 and the related deferred tax benefits were approximately $19,000 and $36,000. At September 30, 2020 our total unrecognized compensation expense related to all nonvested awards not yet recognized totaled $1.37 million and is expected to be recognized over the next 1.87 years.