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Share-Based Compensation and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Nonvested Restricted Stock Awards

A summary of changes in our nonvested shares for the year follows:


(shares in thousands)	Shares	Weighted Average Grant-Date Fair Value
Year Ended December 31, 2022
Unvested balance at beginning of period	554	$16.16
Granted during the year (1)	1,916	18.12
Vested during the year	(453)	17.29
Forfeited during the year	(148)	17.88
Unvested balance at end of period	1,869	$17.76

(1)In connection with the First Midwest merger, each restricted stock award of First Midwest common stock that was outstanding, unvested, and unsettled at the merger date was assumed and converted into a number of Old National restricted stock relating to a number of shares of Old National common stock equal to the number of First Midwest restricted stock multiplied by the exchange ratio (rounded up to the nearest whole number) subject to the same vesting terms and conditions, resulting in an issuance of an aggregate 0.9 million restricted stock awards of Old National common stock.

Summary of Changes in Nonvested Restricted Shares

A summary of changes in our unvested shares for the year follows:


(shares in thousands)	Shares	Weighted Average Grant-Date Fair Value
Year Ended December 31, 2022
Unvested balance at beginning of period	886	$14.80
Granted during the year (1)	1,935	17.66
Vested during the year	(720)	15.41
Forfeited during the year	(73)	16.73
Dividend equivalents adjustment	53	16.82
Unvested balance at end of period	2,081	$17.23

(1)In connection with the First Midwest merger, each performance-based restricted stock unit award of First Midwest that was outstanding, unvested, and unsettled at the merger date was assumed and converted into a time-based restricted stock unit award of Old National common stock subject to the same vesting terms and conditions (other than performance conditions), resulting in an issuance of an aggregate 0.7 million restricted stock units of Old National common stock. The performance components of the First Midwest equity awards were deemed earned at target.

Summary of Activity in Stock Option Plan

A summary of the activity in stock appreciation rights in 2022 follows:


(shares in thousands)	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value (in thousands)
Year Ended December 31, 2022
Outstanding at beginning of period	28	$4.30
Exercised	(22)	3.95

Outstanding at end of period	6	$5.67	0.18	$71.2
Options exercisable at end of year	6	$5.67	0.18	$71.2

Schedule of Information Related to Stock Option Plan

Information related to stock option and appreciation rights follows:


	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Intrinsic value of options/appreciation rights exercised	$	331	$	171	$	213

Tax benefit realized from options/appreciation rights exercises	132		68		85