The Bancorp’s Stock Option and Incentive Plan (the “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 Plan be in the form of incentive stock options, non-qualified stock options, restricted stock, unrestricted stock, performance shares, or performance units.

 

As required by the Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the months ended stock based compensation expense of thousand was recorded, compared to thousand for the months ended It is anticipated that current outstanding unvested awards will result in additional compensation expense of approximately thousand through with an additional thousand in thousand in thousand in and thousand in

 

There were incentive stock options granted during the months of or When options are granted, the cost is measured at the fair value of the options when granted, and this cost is expensed over the employment service period, which is normally the vesting period of the options or awards. At there were outstanding incentive stock options.

 

There were shares of restricted stock granted during the months of compared to shares granted during the months of Restricted stock awards are issued with an award price equal to the market price of the Bancorp’s common stock on the award date and vest between and years after the grant date. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. A summary of restricted stock activity under the Bancorp’s Plan described above for the year ended and months ended follows:

 

Non-vested Shares		Shares				Weighted Average Grant Date Fair Value
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
Non-vested at January 1, 2020			30,205			$	35.63
Granted			13,243				44.30
Vested			(6,400	)			27.50
Forfeited			-				-
Non-vested at March 31, 2020			37,048			$	40.13