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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2021
Share-Based Compensation |
Share-Based Compensation | Note 13 — Share-Based Compensation ​ Our 2004, 2012, 2019 and 2020 share-based compensation plans are long-term retention plans intended to attract, retain, and provide incentives for key employees and non-employee directors in the form of incentive and non-qualified stock options, restricted stock, and restricted stock units (“RSUs”). Our 2020 plan was adopted by our shareholders at our annual meeting on October 29, 2020. The Company assumed the obligations of CSFL under various equity incentive plans pursuant to the merger of CSFL on June 7, 2020. ​ Stock Options ​ With the exception of non-qualified stock options granted to directors under the 2004 and 2012 plans, which in some cases may be exercised at any time prior to expiration and in some other cases may be exercised at intervals less than a year following the grant date, incentive stock options granted under our 2004, 2012, 2019 and 2020 plans may not be exercised in whole or in part within a year following the date of the grant, as these incentive stock options become exercisable in 25% increments pro ratably over the four-year period following the grant date. The options are granted at an exercise price at least equal to the fair value of the common stock at the date of grant and expire ten years from the date of grant. No options were granted under the 2004 plan after January 26, 2012, and the 2004 plan is closed other than for any options still unexercised and outstanding. No options were granted under the 2012 plan after February 1, 2019, and the 2012 plan is closed other than for any options still unexercised and outstanding. No options were granted under the 2019 plan after October 29, 2020, and the 2019 plan is closed other than for any options still unexercised and outstanding. The 2020 plan is the only plan from which new share-based compensation grants may be issued. It is the Company’s policy to grant options out of the 2,072,245 shares registered under the 2020 plan. Activity in our stock option plans for 2004, 2012, 2019 and 2020 as well as stock options and warrants assumed from the CSFL merger is summarized in the following table. All information has been retroactively adjusted for stock dividends and stock splits. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic | ​
​ |  | Shares |  | Price |  | (Yrs.) |  | (000's) |
Outstanding at January 1, 2021 | ​ | 256,425 | ​ | $ | 59.01 | ​ | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (42,697) | ​ |  | 44.68 | ​ | ​ | ​ |  | ​ | ​
Outstanding at June 30, 2021 | ​ | 213,728 | ​ |  | 61.88 | ​ | 4.36 | ​ | $ | 4,832 | ​
Exercisable at June 30, 2021 | ​ | 213,728 | ​ | ​ | 61.88 | ​ | 4.36 | ​ | $ | 4,832 | ​
​ The fair value of options is estimated at the date of grant using the Black-Scholes option pricing model and expensed over the options’ vesting periods. There have been no stock options issued during the first six months of 2021. Because all outstanding stock options had vested as of December 31, 2020, there was no unrecognized compensation cost related to nonvested stock option grants under the plans or fair value of shares vested for the six months ended June 30, 2021. ​ Restricted Stock ​ We, from time-to-time, grant shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of our shareholders by providing economic value directly related to increases in the value of our stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. We recognize expenses, equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock grants to employees typically “cliff vest” after four years. Grants to non-employee directors typically vest within a 12-month period. ​ All restricted stock agreements are conditioned upon continued employment, or service in the case of directors. Termination of employment prior to a vesting date, as described below, would terminate any interest in non-vested shares. Prior to vesting of the shares, as long as employed by the Company, the key employees and non-employee directors will have the right to vote such shares and to receive dividends paid with respect to such shares. All restricted shares will fully vest in the event of change in control of the Company or upon the death of the recipient. ​ Nonvested restricted stock for 2021 is summarized in the following table. All information has been retroactively adjusted for stock dividends and stock splits. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |
​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant-Date |
Restricted Stock | ​ | Shares | ​ | Fair Value |
Nonvested at January 1, 2021 |  | 11,004 | ​ | $ | 59.42 | ​
Vested |  | (4,168) | ​ |  | 52.95 | ​
Nonvested at June 30, 2021 |  | 6,836 | ​ | $ | 63.37 | ​
​ As of June 30, 2021, there was $269,000 of total unrecognized compensation cost related to nonvested restricted stock granted under the plans. This cost is expected to be recognized over a weighted-average period of 1.98 years as of June 30, 2021. The total fair value of shares vested during the six months ended June 30, 2021 was $221,000. ​ Restricted Stock Units (“RSUs”) ​ We, from time-to-time, grant performance RSUs and time-vested RSUs to employees. These awards help align the interests of these employees with the interests of our shareholders by providing economic value directly related to our performance. Some performance RSU grants contain a three-year performance period while others contain a one to two-year performance period and a time-vested requirement (generally two to four years from the grant date). We communicate threshold, target, and maximum performance RSU awards and performance targets to the applicable employees at the beginning of a performance period. Due to the merger with CSFL, all legacy and assumed performance based restricted stock units converted to a time-vesting requirement. With respect to some long-term incentive awards, dividend equivalents are accrued at the same rate as cash dividends paid for each share of the Company’s common stock during the performance or time-vested period, and subsequently paid when the shares are issued on the vesting date. The value of the RSUs awarded is established as the fair market value of the stock at the time of the grant. We recognize expenses on a straight-line basis typically over the performance and vesting/or time-vesting periods based upon the probable performance target, as applicable, that will be met. Outstanding RSUs for the six months ended June 30, 2021 is summarized in the following table. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |
​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant-Date |
Restricted Stock Units | ​ | Shares | ​ | Fair Value |
Outstanding at January 1, 2021 |  | 750,821 | ​ | $ | 60.88 | ​
Granted |  | 297,138 | ​ |  | 81.20 | ​
Vested | ​ | (71,826) | ​ | ​ | 60.39 | ​
Forfeited | ​ | (5,362) | ​ | ​ | 62.15 | ​
Outstanding at June 30, 2021 |  | 970,771 | ​ | $ | 67.22 | ​
​ As of June 30, 2021, there was $39.0 million of total unrecognized compensation cost related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 2.3 years as of June 30, 2021. The total fair value of RSUs vested and released during the six months ended June 30, 2021 was $4.3 million.

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