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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Summary of Activity Under Stock Option Plan | The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:
|  |  |  |  |  |  |  | Wgtd. Avg. |  |  |
|  |  |  |  | Wgtd. Avg. |  |  | Remaining |  | Aggregate |
|  |  |  |  | Exercise |  |  | Contractual |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term |  | Value |
|  | (Dollars in thousands, except option data) |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,303,250 |  |  | $ | 40.90 |  |  |  |  |  |
Options granted |  |  | 42,500 |  |  |  | 77.32 |  |  |  |  |  |
Options exercised |  |  | (116,292 | ) |  |  | 25.71 |  |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 1,229,458 |  |  |  | 43.59 |  |  | 8.39 Yrs |  | $ | 48,705 |
Exercisable at March 31, 2022 |  |  | 516,083 |  |  |  | 29.07 |  |  | 7.15 Yrs |  | $ | 27,941 |
Options Exercised Under Stock Option Plan | The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 5,964 |  |  | $ | 7,303 |
Cash received from options exercised |  |  | 2,989 |  |  |  | 3,966 |
Tax benefit realized from options exercised |  |  | 1,434 |  |  |  | 1,860 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 458 |  |  | $ | 576 |
Tax benefit |  |  | 110 |  |  |  | 147 |
Stock-based compensation expense, net of tax |  | $ | 348 |  |  | $ | 429 |
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:
|  | March 31, 2022 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense |  | $ | 7,780 |
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:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Weighted average grant-date fair value per share of options granted |  | $ | 26.21 |  |  | $ | 23.80 |
Risk-free interest rate |  | 1.75 to 2.14% |  |  | 1.34 to 1.64% |
Dividend yield |  | 2.00% |  |  | 2.00% |
Stock price volatility |  | 34.61 to 34.69% |  |  | 35.55 to 35.73% |
Expected term |  | 10 Yrs |  |  | 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows:
|  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Accumulated stock units |  |  | 148,788 |  |  |  | 152,754 |
Average price |  | $ | 31.82 |  |  | $ | 30.86 |

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