The Bancorp’s Stock Option and Incentive Plan (the “Incentive Plan”), which was adopted by the Bancorp’s Board of Directors on and approved by the Bancorp’s shareholders on permits the grant of equity awards for up to shares of common stock. Awards granted under the Incentive Plan be in the form of incentive stock options, non-qualified stock options, restricted stock, unrestricted stock, performance shares, or performance units. The purposes of the Plan are (i) to align the personal interests of plan participants with those of the shareholders of the Bancorp, (ii) to encourage key individuals to accept or continue employment or service with the Bancorp and its subsidiaries, and (iii) to furnish incentives to such key individuals to improve operations and increase profits by providing such key individuals the opportunity to acquire common stock of the Bancorp or to receive monetary payments based on the value of such common stock. Option awards are generally granted with an exercise price equal to the market price of the Bancorp’s common stock at the date of grant. expense was charged against income for incentive stock options during or

 

The fair value of each incentive stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the Company’s common stock. incentive stock options were granted during or The Bancorp uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.

 

At and there were incentive stock options outstanding.

 

Restricted stock awards are generally granted with an award price equal to the market price of the Bancorp’s common stock on the award date. Restricted stock awards have been issued with a to year cliff-vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. Compensation expense related to restricted stock awards is recognized over the vesting period. Total compensation cost that has been charged against income for those plans was approximately thousand and thousand for and respectively.

 

A summary of changes in the Bancorp’s non-vested restricted stock for and follows:

 

Non-vested Shares		Shares				Weighted Average Grant Date Fair Value
Non-vested at January 1, 2018			30,690			$	28.51
Granted			4,433				43.50
Vested			(7,700	)			22.64
Forfeited			-				-
Non-vested at December 31, 2018			27,423			$	32.58
Non-vested at January 1, 2019			27,423			$	32.58
Granted			7,407				43.00
Vested			(4,625	)			29.37
Forfeited			-				-
Non-vested at December 31, 2019			30,205			$	35.63

 

 

As of there was approximately thousand of total unrecognized compensation cost related to non-vested restricted shares granted under the Incentive Plan. The cost is expected to be recognized over a weighted-average period of years.