On January 2 , 2020 , for past services rendered , Zeus Corp. granted Joanna Wood , its president , 18,000 stock appreciation rights that are exercisable immediately and expire on January 2 , 2021. On exercise , Wood is entitled to receive cash for the excess of the market price of the shares on the exercise date over the market price on the grant date . Wood did NOT exercise any of the rights during 2020. The market priaz of Zeus's shares was $ 35 on January 2 , 2020 , and $ 45 on December 31 , 2020. As a esult of the stock appreciation rights , Zeus should ecognize compensation expense for 2020 of