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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2020
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 awards of stock appreciation rights, stock awards or units granted to directors, officers and other key employees.

The table below summarizes the transactions under the Company’s active stock-based compensation plans for the three months ended March 31, 2020: 

 
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, 2020
692

 
$
22.46

 
21

 
$
23.19

 
1,152

 
$
26.79

Granted
—

 
—

 
—

 
—

 
425

 
23.26

Stock options exercised
(1
)
 
10.71

 
—

 
—

 
—

 
—

Stock awards/units vested (earned)
—

 
—

 
(4
)
 
20.88

 
(351
)
 
26.35

Forfeited/expired
—

 
—

 
—

 
—

 
(42
)
 
27.01

 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2020
691

 
$
22.48

 
17

 
$
23.75

 
1,184

 
$
25.64

 
 
 
 
 
 
 
 
 
 
 
 
Exercisable, March 31, 2020
691

 
$
22.48

 
 
 
 
 
 
 
 


The following table summarizes information about stock options under the plans outstanding at March 31, 2020:
 
 
 
 
 
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
 
1.80
 
$9.46
 
1
 
$9.46
10.65

 
—
 
10.65

 
3
 
2.83
 
10.65
 
3
 
10.65
20.29

 
—
 
20.29

 
71
 
3.68
 
20.29
 
71
 
20.29
20.36

 
—
 
20.36

 
2
 
4.63
 
20.36
 
2
 
20.36
22.20

 
—
 
22.20

 
74
 
3.88
 
22.20
 
74
 
22.20
22.75

 
—
 
22.75

 
436
 
4.39
 
22.75
 
436
 
22.75
23.51

 
—
 
23.51

 
97
 
4.82
 
23.51
 
97
 
23.51
24.07

 
—
 
24.07

 
7
 
5.46
 
24.07
 
7
 
24.07
$
9.46

 
—
 
$
24.07

 
691
 
4.32
 
$22.48
 
691
 
$22.48


The table below summarizes the Company’s performance stock unit activity for the three months ended March 31, 2020:

(In thousands)
 
Performance Stock Units
Non-vested, January 1, 2020
 
199

Granted
 
116

Vested (earned)
 
(80
)
Forfeited
 
(11
)
Non-vested, March 31, 2020
 
224



Stock-based compensation expense was $4,506,000 and $3,084,000 during the three months ended March 31, 2020 and 2019, 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 March 31, 2020. Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $24,697,000 at March 31, 2020. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 2.2 years.
 
The intrinsic value of stock options outstanding and stock options exercisable at March 31, 2020 was $33,000. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $18.40 as of March 31, 2020, and the exercise price multiplied by the number of options outstanding. The total intrinsic value of stock options exercised during the three months ended March 31, 2020 and March 31, 2019, was $8,000 and $6,000, 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 three months ended March 31, 2020 and 2019.