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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 1,310,290 |  |  | $ | 52.51 |  |  |  |  |  |
Options exercised |  |  | (6,541 | ) |  |  | 33.72 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (7,500 | ) |  |  | 87.62 |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 1,296,249 |  |  |  | 52.40 |  |  | 10.37 Yrs. |  | $ | 39,796 |
Exercisable at March 31, 2023 |  |  | 500,499 |  |  |  | 31.48 |  |  | 6.69 Yrs. |  | $ | 25,833 |
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, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 352 |  |  | $ | 5,964 |
Cash received from options exercised |  |  | 221 |  |  |  | 2,989 |
Tax benefit realized from options exercised |  |  | 85 |  |  |  | 1,434 |
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, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 382 |  |  | $ | 458 |
Tax benefit |  |  | 92 |  |  |  | 110 |
Stock-based compensation expense, net of tax |  | $ | 290 |  |  | $ | 348 |
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, 2023 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense |  | $ | 12,318 |
No stock options were granted during the three months ended March 31, 2023.
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, |
|  | 2023 |  |  | 2022 |
Weighted average grant-date fair value per share of options granted |  | $ | — |  |  | $ | 26.21 |
Risk-free interest rate |  |  | — |  |  | 1.75 to 2.14% |
Dividend yield |  |  | — |  |  | 2.00% |
Stock price volatility |  |  | — |  |  | 34.61 to 34.69% |
Expected term |  |  | — |  |  | 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Accumulated stock units |  |  | 114,070 |  |  |  | 129,609 |
Average price |  | $ | 37.40 |  |  | $ | 34.91 |

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