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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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) |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 1,257,730 |  |  | $ | 32.70 |  |  |  |  |  |  |
Options granted |  |  | 171,000 |  |  |  | 48.89 |  |  |  |  |  |  |
Options exercised |  |  | (76,650 | ) |  |  | 20.53 |  |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (9,000 | ) |  |  | 58.26 |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 1,343,080 |  |  |  | 35.28 |  |  | 8.61Yrs |  | $ | 31,453 |
Exercisable at December 31, 2020 |  |  | 710,330 |  |  |  | 25.06 |  |  | 6.94Yrs |  | $ | 23,894 |
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 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 2,315 |  |  | $ | 3,982 |  |  | $ | 4,810 |
Cash received from options exercised |  |  | 1,574 |  |  |  | 2,282 |  |  |  | 2,159 |
Tax benefit realized from options exercised |  |  | 590 |  |  |  | 1,014 |  |  |  | 1,225 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 1,516 |  |  | $ | 1,277 |  |  | $ | 1,352 |
Tax benefit |  |  | 386 |  |  |  | 325 |  |  |  | 345 |
Stock-based compensation expense, net of tax |  | $ | 1,130 |  |  | $ | 952 |  |  | $ | 1,007 |
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, 2020 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense |  | $ | 4,888 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Weighted average grant-date fair value per share of options granted |  | $ | 10.85 |  |  | $ | 13.34 |  |  | $ | 14.71 |
Risk-free interest rate |  | 0.64 to 1.13% |  |  | 1.55 to 2.76% |  |  | 2.55 to 3.05% |
Dividend yield |  |  | 2.00 | % |  |  | 2.00 | % |  |  | 2.00 | %
Stock price volatility |  | 22.84 to 36.10% |  |  | 22.93 to 23.63% |  |  | 23.05 to 23.95% |
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, |
|  | 2020 |  |  | 2019 |
Accumulated stock units |  |  | 148,278 |  |  |  | 143,362 |
Average price |  | $ | 28.57 |  |  | $ | 27.17 |

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