Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019
Outstanding at December 31, 2018		1,216,700		$	28.48
Options granted		178,500			56.87
Options exercised		(107,470	)		21.23
Options canceled, forfeited, or expired		(30,000	)		46.42
Outstanding at December 31, 2019		1,257,730			32.70	9.28Yrs	$	37,408
Exercisable at December 31, 2019		644,730			23.09	7.10Yrs	$	25,370
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

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,
	2019		2018		2017
	(Dollars in thousands)
Total intrinsic value of options exercised	$	3,982	$	4,810	$	8,389
Cash received from options exercised		2,282		2,159		4,660
Tax benefit realized from options exercised		1,014		1,225		3,245

Stock-based Employee Compensation Expense

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

	Year Ended December 31,
	2019		2018		2017
	(Dollars in thousands)
Stock-based compensation expense	$	1,277	$	1,352	$	1,180
Tax benefit		325		345		301
Stock-based compensation expense, net of tax	$	952	$	1,007	$	879

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, 2019
	(Dollars in thousands)
Unearned stock-based compensation expense	$	4,492

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,
	2019			2018			2017
Weighted average grant-date fair value per share of options granted	$	13.34		$	14.71		$	11.87
Risk-free interest rate	1.55 to 2.76%			2.55 to 3.05%			2.15 to 2.40%
Dividend yield		2.00	%		2.00	%		2.00	%
Stock price volatility	22.93 to 23.63%			23.05 to 23.95%			22.57 to 24.18%
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,
	2019		2018
Accumulated stock units		143,362		143,347
Average price	$	27.17	$	24.91