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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Compensation |
Share-Based Compensation | Note 12 — 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 2020 plan was subsequently amended and restated during our annual meeting on April 24, 2024 to increase the number of shares of common stock available for future grants. 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, 2012 or 2019 plans after January 26, 2012, February 1, 2019, and October 29, 2020, respectively, and the plans are closed other than for any options still unexercised and outstanding. The 2020 amended and restated 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 2,451,634 shares registered under the 2020 amended and restated plan. Activity in the Company’s stock option plans is summarized in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic | ​
​ |  | Shares |  | Price |  | (Yrs.) |  | (000’s) |
Outstanding at January 1, 2025 | ​ | 38,799 | ​ | $ | 57.50 | ​ | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (6,976) | ​ |  | 47.29 | ​ | ​ | ​ |  | ​ | ​
Expired | ​ | (35) | ​ | ​ | 39.85 | ​ | ​ | ​ |  | ​ | ​
Outstanding at March 31, 2025 | ​ | 31,788 | ​ |  | 59.77 | ​ | 1.92 | ​ | $ | 1,051 | ​
Exercisable at March 31, 2025 | ​ | 31,788 | ​ | ​ | 59.77 | ​ | 1.92 | ​ | $ | 1,051 | ​
​ 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 three months of 2025. Because all outstanding stock options had vested as of December 31, 2024, there was no unrecognized compensation cost related to nonvested stock option grants under the plans or fair value of shares vested during the three months ended March 31, 2025. The intrinsic value of stock option shares exercised for the three months ended March 31, 2025 was $373,000. Restricted Stock From time-to-time, we grant shares of restricted stock to key employees. These awards help align the interests of these employees 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 generally vest ratably over a two to four-year vesting period. ​ ​ All restricted stock agreements are conditioned upon continued employment. 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 employees 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 2025 is summarized in the following table. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |
​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant-Date |
Restricted Stock | ​ | Shares | ​ | Fair Value |
Nonvested at January 1, 2025 |  | 4,543 | ​ | $ | 90.00 | ​
Vested |  | (4,543) | ​ |  | 90.00 | ​
Nonvested at March 31, 2025 |  | — | ​ | $ | — | ​
​ As of March 31, 2025, all restricted stock outstanding had vested. There was no unrecognized compensation cost related to nonvested restricted stock granted under the plans. The total fair value of shares vested during the three months ended March 31, 2025 was $409,000. Restricted Stock Units (“RSUs”) From time-to-time, we also grant performance RSUs and time-vested RSUs to key employees, and time-vested RSUs to non-employee directors. 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). The performance-based awards for our long-term incentive plans are dependent on the achievement of tangible book value growth and return on average tangible common equity relative to the Company’s peer group during each three-year performance period. Grants to non-employee directors typically vest within a 12-month period. We communicate threshold, target, and maximum performance RSU awards and performance targets to the applicable key employees at the beginning of a performance period. 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 or settlement 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 expense on a straight-line basis typically over the performance or time-vesting periods based upon the probable performance target, as applicable, that will be met. Outstanding RSUs for the three months ended March 31, 2025 is summarized in the following table. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted- |
​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant-Date |
Restricted Stock Units | ​ | Shares | ​ | Fair Value |
Outstanding at January 1, 2025 |  | 835,308 | ​ | $ | 76.70 | ​
Granted |  | 414,328 | ​ |  | 94.11 | ​
Vested | ​ | (399,961) | ​ | ​ | 74.86 | ​
Forfeited | ​ | (1,781) | ​ | ​ | 73.75 | ​
Outstanding at March 31, 2025 |  | 847,894 | ​ | $ | 86.07 | ​
​ If maximum performance is achieved pursuant to the 2022, 2023 and 2024 Long Term Incentive performance-based RSU grants, an additional 123,048 shares in total may be issued by the Company at the end of the three-year performance periods. ​ As of March 31, 2025, there was $51.2 million of total unrecognized compensation cost at target related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 1.74 years as of March 31, 2025. The total fair value of RSUs vested and released during the three months ended March 31, 2025 was $40.9 million.

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