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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Activity Under RSU Plan | The following table is a summary of the activity under the Company's RSU plan.
|  |  |  |  | Wgtd. Avg. |  |
|  | Restricted |  |  | Grant Date |  |
|  | Stock Units |  |  | Fair Value |  |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |
Nonvested at December 31, 2022 |  |  | — |  |  |  |  |
Granted |  |  | 9,075 |  |  | $ | 96.39 |  |
Nonvested at September 30, 2023 |  |  | 9,075 |  |  |  |  |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows:
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Accumulated stock units |  |  | 117,499 |  |  |  | 129,609 |
Average price |  | $ | 39.20 |  |  | $ | 34.91 |
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) |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 1,310,290 |  |  | $ | 52.51 |  |  |  |  |  |
Exercised |  |  | (48,399 | ) |  |  | 33.34 |  |  |  |  |  |
Canceled, forfeited, or expired |  |  | (8,500 | ) |  |  | 87.97 |  |  |  |  |  |
Outstanding at September 30, 2023 |  |  | 1,253,391 |  |  |  | 53.01 |  |  | 9.94 Yrs. |  | $ | 42,268 |
Exercisable at September 30, 2023 |  |  | 502,891 |  |  |  | 33.32 |  |  | 6.43 Yrs. |  | $ | 26,857 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |  |  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 176 |  |  | $ | 5,638 |  |  | $ | 2,507 |  |  | $ | 14,581 |
Cash received from options exercised |  |  | 75 |  |  |  | 2,285 |  |  |  | 1,614 |  |  |  | 6,577 |
Tax benefit realized from options exercised |  |  | 43 |  |  |  | 1,355 |  |  |  | 603 |  |  |  | 3,505 |
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:
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Weighted average grant-date fair value per share of options granted |  | $ | — |  |  | $ | 30.72 |
Risk-free interest rate |  |  | — |  |  | 1.75 to 3.25% |
Dividend yield |  |  | — |  |  | 2.00% |
Stock price volatility |  |  | — |  |  | 34.61 to 34.85% |
Expected term |  |  | — |  |  | 10 Yrs |
Stock-based Employee Compensation Expense | The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |  |  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 864 |  |  | $ | 627 |  |  | $ | 2,077 |  |  | $ | 1,545 |
Tax benefit |  |  | 208 |  |  |  | 151 |  |  |  | 500 |  |  |  | 372 |
Stock-based compensation expense, net of tax |  | $ | 656 |  |  | $ | 476 |  |  | $ | 1,577 |  |  | $ | 1,173 |
The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately 5 years for unvested stock options and 6 years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:
Unearned Stock-based Compensation Expense |
|  | September 30, 2023 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense for unvested stock options |  | $ | 10,957 |
Unearned stock-based compensation expense for unvested RSUs |  |  | 850 |

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