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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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) |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,303,250 |  |  | $ | 40.90 |  |  |  |  |  |
Options granted |  |  | 135,000 |  |  |  | 81.90 |  |  |  |  |  |
Options exercised |  |  | (164,792 | ) |  |  | 26.05 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (5,000 | ) |  |  | 74.90 |  |  |  |  |  |
Outstanding at June 30, 2022 |  |  | 1,268,458 |  |  |  | 47.06 |  |  | 8.32 Yrs |  | $ | 61,713 |
Exercisable at June 30, 2022 |  |  | 516,458 |  |  |  | 29.79 |  |  | 7.06 Yrs |  | $ | 34,043 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |  |  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 2,979 |  |  | $ | 557 |  |  | $ | 8,943 |  |  | $ | 7,860 |
Cash received from options exercised |  |  | 1,303 |  |  |  | 413 |  |  |  | 4,292 |  |  |  | 4,379 |
Tax benefit realized from options exercised |  |  | 716 |  |  |  | 142 |  |  |  | 2,150 |  |  |  | 2,002 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |  |  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 460 |  |  | $ | 473 |  |  | $ | 918 |  |  | $ | 1,049 |
Tax benefit |  |  | 111 |  |  |  | 114 |  |  |  | 221 |  |  |  | 252 |
Stock-based compensation expense, net of tax |  | $ | 349 |  |  | $ | 359 |  |  | $ | 697 |  |  | $ | 797 |
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, 2022 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense |  | $ | 9,981 |
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, |
|  | 2022 |  |  | 2021 |
Weighted average grant-date fair value per share of options granted |  | $ | 29.08 |  |  | $ | 23.74 |
Risk-free interest rate |  | 1.75 to 3.25% |  |  | 1.34 to 1.74% |
Dividend yield |  | 2.00% |  |  | 2.00% |
Stock price volatility |  | 34.61 to 34.71% |  |  | 35.55 to 36.01% |
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, |
|  | 2022 |  |  | 2021 |
Accumulated stock units |  |  | 143,712 |  |  |  | 152,754 |
Average price |  | $ | 32.79 |  |  | $ | 30.86 |

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