Stock Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

STOCK BASED COMPENSATION

The Company’s Board of Directors has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awarding of performance or bonus shares granted to directors, officers and other key employees.

The table below summarizes the transactions under the Company’s active stock compensation plans for the nine months ended September 30, 2019:

	Stock Options Outstanding				Non-vested Stock Awards Outstanding				Non-vested Stock Units Outstanding
(Shares in thousands)	Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Grant-Date Fair Value		Number of Shares		Weighted Average Grant-Date Fair Value
Balance, January 1, 2019	695		$	22.42	72		$	21.45	817		$	27.65
Granted	—		—		—		—		516		26.07
Stock options exercised	(1	)	10.65		—		—		—		—
Stock awards/units vested (earned)	—		—		(39	)	20.12		(334	)	26.45
Forfeited/expired	—		—		(2	)	21.82		(90	)	28.29
Balance, September 30, 2019	694		$	22.43	31		$	23.16	909		$	27.18
Exercisable, September 30, 2019	694		$	22.43

The following table summarizes information about stock options under the plans outstanding at September 30, 2019:

					Options Outstanding			Options Exercisable
Range of Exercise Prices					Number of Shares (In thousands)	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number of Shares (In thousands)	Weighted Average Exercise Price
$	9.46	—	$	9.46	1	2.30	$9.46	1	$9.46
10.65		—	10.65		3	3.32	10.65	3	10.65
10.76		—	10.76		2	0.30	10.76	2	10.76
20.29		—	20.29		71	5.25	20.29	71	20.29
20.36		—	20.36		3	5.13	20.36	3	20.36
22.20		—	22.20		74	5.48	22.20	74	22.20
22.75		—	22.75		436	5.86	22.75	436	22.75
23.51		—	23.51		97	6.30	23.51	97	23.51
24.07		—	24.07		7	5.96	24.07	7	24.07
$	9.46	—	$	24.07	694	5.78	$22.43	694	$22.43

The table below summarizes the Company’s performance stock unit activity for the nine months ended September 30, 2019:

(In thousands)	Performance Stock Units
Non-vested, January 1, 2019	177
Granted	118
Vested (earned)	(93	)
Forfeited	(3	)
Non-vested, September 30, 2019	199

Stock-based compensation expense was $9,316,000 and $9,818,000 during the nine months ended September 30, 2019 and 2018, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards. There was no unrecognized stock-based compensation expense related to stock options at September 30, 2019. Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $16,269,000 at September 30, 2019. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.7 years.

The intrinsic value of stock options outstanding and stock options exercisable at September 30, 2019 was $1,717,000 and $1,714,000, respectively. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $24.90 as of September 30, 2019, and the exercise price multiplied by the number of options outstanding. The total intrinsic value of stock options exercised during the nine months ended September 30, 2019 and September 30, 2018, was $6,000 and $1,155,000, respectively.

The fair value of the Company’s employee stock options granted is estimated on 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. There were no stock options granted during the nine months ended September 30, 2019 and 2018.