Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Year Ended December 31, 2018
Outstanding at December 31, 2017		1,273,625		$	25.90
Options granted		72,000			56.47
Options exercised		(123,925	)		17.42
Options canceled, forfeited, or expired		(5,000	)		48.02
Outstanding at December 31, 2018		1,216,700			28.48	9.53Yrs	$	26,066
Exercisable at December 31, 2018		601,700			21.53	7.12Yrs	$	17,070
Year Ended December 31, 2017
Outstanding at December 31, 2016		1,414,900		$	22.46
Options granted		121,500			48.26
Options exercised		(262,775	)		17.73
Outstanding at December 31, 2017		1,273,625			25.90	9.73Yrs	$	32,165
Exercisable at December 31, 2017		566,625			20.07	6.92Yrs	$	17,611

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

	Year Ended December 31,
	2018		2017		2016
	(Dollars in thousands)
Total intrinsic value of options exercised	$	4,810	$	8,389	$	12,230
Cash received from options exercised		2,159		4,660		9,720
Tax benefit realized from options exercised		1,225		3,245		4,731

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Year Ended December 31,
	2018		2017		206
	(Dollars in thousands)
Stock-based compensation expense	$	1,352	$	1,180	$	1,636
Tax benefit		345		301		633
Stock-based compensation expense, net of tax	$	1,007	$	879	$	1,003

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense:

	December 31, 2018
	(Dollars in thousands)
Unearned stock-based compensation expense	$	3,319

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Year Ended December 31,
	2018			2017			2016
Weighted average grant-date fair value per share of options granted	$	14.71		$	11.87		$	5.96
Risk-free interest rate	2.55 to 3.05%			2.15 to 2.40%			1.46 to 2.02%
Dividend yield		2.00	%		2.00	%		2.00	%
Stock price volatility	23.05 to 23.95%			22.57 to 24.18%			20.41 to 21.78%
Expected term	10 Yrs			10 Yrs			10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	December 31,
	2018		2017
Accumulated stock units		143,347		138,768
Average price	$	24.91	$	22.84