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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Activity Under Stock Option Plan | he 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) |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,303,250 |  |  | $ | 40.90 |  |  |  |  |  |
Options granted |  |  | 278,500 |  |  |  | 87.13 |  |  |  |  |  |
Options exercised |  |  | (241,460 | ) |  |  | 28.06 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (30,000 | ) |  |  | 66.31 |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 1,310,290 |  |  |  | 52.51 |  |  | 8.73 Yrs |  | $ | 46,741 |
Exercisable at December 31, 2022 |  |  | 489,540 |  |  |  | 30.82 |  |  | 6.80 Yrs |  | $ | 28,082 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 1,343,080 |  |  | $ | 35.28 |  |  |  |  |  |
Options granted |  |  | 179,500 |  |  |  | 62.13 |  |  |  |  |  |
Options exercised |  |  | (214,330 | ) |  |  | 23.40 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (5,000 | ) |  |  | 44.23 |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,303,250 |  |  |  | 40.90 |  |  | 8.40 Yrs |  | $ | 38,656 |
Exercisable at December 31, 2021 |  |  | 614,875 |  |  |  | 28.03 |  |  | 7.15 Yrs |  | $ | 26,153 |
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:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 14,837 |  |  | $ | 9,264 |  |  | $ | 2,315 |
Cash received from options exercised |  |  | 6,776 |  |  |  | 5,015 |  |  |  | 1,574 |
Tax benefit realized from options exercised |  |  | 3,567 |  |  |  | 2,360 |  |  |  | 590 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 1,941 |  |  | $ | 2,133 |  |  | $ | 1,516 |
Tax benefit |  |  | 467 |  |  |  | 513 |  |  |  | 386 |
Stock-based compensation expense, net of tax |  | $ | 1,474 |  |  | $ | 1,620 |  |  | $ | 1,130 |
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, 2022 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense |  | $ | 13,200 |
Assumptions Used for Computing Stock-Based Compensation Expense | he 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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted average grant-date fair value per share of options granted |  | $ | 31.90 |  |  | $ | 21.16 |  |  | $ | 10.85 |
Risk-free interest rate |  | 1.75 to 4.17% |  |  | 1.30 to 1.74% |  |  | 0.64 to 1.13% |
Dividend yield |  | 2.00% |  |  | 2.00% |  |  | 2.00% |
Stock price volatility |  | 34.61 to 35.60% |  |  | 35.55 to 36.39% |  |  | 22.84 to 36.1% |
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, |
|  | 2022 |  |  | 2021 |
Accumulated stock units |  |  | 129,609 |  |  |  | 152,754 |
Average price |  | $ | 34.91 |  |  | $ | 30.86 |

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