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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

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)
Six Months Ended June 30, 2020
Outstanding at December 31, 2019			1,257,730			$	32.70
Options granted			157,500				49.32
Options exercised			(26,400	)			19.07
Options canceled, forfeited, or expired			(135,000	)			51.56
Outstanding at June 30, 2020			1,253,830				33.04			8.93 Yrs		$	9,440
Exercisable at June 30, 2020			697,330				24.13			7.12 Yrs		$	11,461

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:

		Three Months Ended June 30,								Six Months Ended June 30,
		2020				2019				2020				2019
		(Dollars in thousands)								(Dollars in thousands)
Total intrinsic value of options exercised		$	337			$	759			$	726			$	904
Cash received from options exercised			303				455				504				611
Tax benefit realized from options exercised			86				193				185				230

Stock-based Employee Compensation Expense

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

		Three Months Ended June 30,								Six Months Ended June 30,
		2020				2019				2020				2019
		(Dollars in thousands)								(Dollars in thousands)
Stock-based compensation expense		$	406			$	367			$	832			$	541
Tax benefit			103				94				212				138
Stock-based compensation expense, net of tax		$	303			$	273			$	620			$	403

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:

		June 30, 2020
		(Dollars in thousands)
Unearned stock-based compensation expense		$	4,128

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:

		Six Months Ended June 30,
		2020				2019
Weighted average grant-date fair value per share of options granted		$	10.63			$	13.67
Risk-free interest rate		0.66 to 1.13%				2.62 to 2.76%
Dividend yield		2.00%				2.00%
Stock price volatility		22.84 to 33.56%				22.93 to 22.96%
Expected term		10 Yrs				10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

		June 30,				December 31,
		2020				2019
Accumulated stock units			148,550				143,362
Average price		$	27.85			$	27.17

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