Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Plans [Text Block]

Share-Based Compensation Plans

The shareholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chief Executive Officer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer.

The following table presents stock options outstanding under these plans (in thousands, except for per share data):


	Number	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding at:





December 31, 2018	63,058	$	54.89	$	1,163




December 31, 2019	36,100	56.75		1,106




December 31, 2020	17,671	57.35		197
Options vested at:
December 31, 2018	33,573	$	53.09	$	679
December 31, 2019	27,193	57.08		824
December 31, 2020	17,671	57.35		197

No options have been awarded since 2013. At December 31, 2020, the weighted average remaining contractual life of options outstanding was 1.03 years and the weighted average remaining contractual life of vested options was 1.03 years. The aggregate intrinsic value of options exercised was $318 thousand for 2020, $761 thousand for 2019 and $2.3 million for 2018.

The Company also awards restricted stock to certain officers and employees and restricted stock units ("RSUs) to certain executives, (collectively "non-vested shares"). Vesting of all non-vested shares is subject to service requirements. Additionally, vesting of certain non-vested shares is subject to performance criteria based on changes in the Company's earnings per share relative to defined peers. The following represents a summary of the non-vested shares for the three years ended December 31, 2020 (in thousands):


	Restricted Stock			Restricted Stock Units
	Shares	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2018	667,103			—
Granted	150,419	$	85.58	—	—
Vested	(242,215)	74.85		—	—
Forfeited	(47,700)	75.68		—	—
Non-vested at December 31, 2018	527,607			—
Granted	145,724	$	76.74	46,689	$	87.40
Vested	(114,201)	61.28		—	—
Forfeited	(131,952)	83.69		—	—
Non-vested at December 31, 2019	427,178			46,689
Granted	236,750	$	83.49	22,980	$	77.36
Vested	(225,527)	83.50		—	—
Forfeited	(18,167)	83.10		—	—
Non-vested at December 31, 2020	420,234			69,669

Compensation expense recognized on non-vested shares totaled $16.0 million for 2020, $15.1 million for 2019 and $3.6 million for 2018. Unrecognized compensation cost of non-vested shares totaled $16.3 million at December 31, 2020. We expect to recognize compensation expense of $10.8 million in 2021, $5.4 million in 2022, and $134 thousand in 2023.

Compensation cost for restricted stock units is variable based on the current fair value of BOK Financial common shares. Vesting of 244,392 non-vested shares may be increased or decreased based on performance criteria defined in the plan documents.