Table of Contents EL PASO ELECTRIC COMPANY NOTES TO FINANCIAL STATEMENTS The unvested restricted stock transactions for 2019 are presented below: (a) On July 31, 2019, the Company issued a special grant to the Company's former President and Chief Executive Officer ("CEO") of 27,624 shares in accordance with the Amended and Restated 2007 LTIP that is eligible for vesting immediately prior to the closing of the Merger. In the event the Merger Agreement is terminated without the closing of the Merger, these shares will be forfeited. (b) The unrecognized compensation expense is expected to be recognized over the weighted average remaining contractual term of the outstanding restricted stock of approximately one year, subject to acceleration under the provisions of the Merger Agreement. The weighted average fair value per share at grant date for restricted stock and other stock-based awards granted during 2019, 2018 and 2017 were: The holder of a restricted stock award has rights as a shareholder of the Company, including the right to vote and receive cash dividends on restricted stock. Restricted Stock with a Market Condition (Performance Shares) . The Company has granted performance share awards to certain officers under the Company’s Amended and Restated 2007 LTIP, which provides for issuance of Company stock based on the achievement of certain performance criteria over a three-year period. The payout varies between 0% to 200% of performance share awards. Detail of performance shares vested follows: (a) 6,908 shares vested on December 20, 2019. In 2020, 2021 and 2022, subject to meeting certain performance criteria and continuous service requirements, additional performance shares could vest. Under the Merger Agreement, shares would vest upon the closing of the Merger. Under the Merger 80 Date Vested Payout Ratio Performance Shares Awarded Compensation Costs Expensed Period Compensation Costs Expensed Aggregated Intrinsic Value (In thousands) (In thousands) January 29, 2020 150 % 39,027 (a) $ 1,109 2017-2019 $ 2,660 January 30, 2019 71% 39,923 2,143 2016-2018 2,046 January 31, 2018 175 % 68,379 1,499 2015-2017 3,569 January 25, 2017 32% 11,314 932 2014-2016 512 2019 2018 2017 Weighted average fair value per share $ 58.71 $ 54.49 $ 49.78 Total Shares Weighted Average Grant Date Fair Value Unrecognized Compensation Expense (b) Aggregate Intrinsic Value (In thousands) (In thousands) Restricted shares outstanding at December 31, 2018 93,908 $ 51.60 Stock awards (a) 83,585 58.71 Vested (50,504 ) 52.82 Forfeitures (31,185) 49.38 Restricted shares outstanding at December 31, 2019 95,804 57.89 $ 2,853 $ 6,504