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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
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 |
Six Months Ended June 30, 2024 |  |  |  |  |  |
Nonvested at December 31, 2023 |  |  | 32,075 |  |  | $ | 87.23 |
Granted |  |  | 7,250 |  |  |  | 88.57 |
Forfeited |  |  | (1,500 | ) |  |  | 83.61 |
Nonvested at June 30, 2024 |  |  | 37,825 |  |  |  | 87.63 |
Summary of Accumulated Stock Units | A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
Accumulated stock units |  |  | 119,115 |  |  |  | 119,575 |
Average price |  | $ | 42.43 |  |  | $ | 40.03 |
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, 2024 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 1,241,391 |  |  | $ | 53.12 |  |  |  |  |  |
Options exercised |  |  | (84,084 | ) |  |  | 28.80 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (12,000 | ) |  |  | 91.64 |  |  |  |  |  |
Outstanding at June 30, 2024 |  |  | 1,145,307 |  |  |  | 54.50 |  |  | 9.57 Yrs. |  | $ | 38,022 |
Exercisable at June 30, 2024 |  |  | 502,932 |  |  |  | 37.51 |  |  | 6.64 Yrs. |  | $ | 25,243 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 3,254 |  |  | $ | 1,979 |  |  | $ | 5,085 |  |  | $ | 2,331 |
Cash received from options exercised |  |  | 1,714 |  |  |  | 1,318 |  |  |  | 2,422 |  |  |  | 1,539 |
Tax benefit realized from options exercised |  |  | 782 |  |  |  | 475 |  |  |  | 1,222 |  |  |  | 560 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 920 |  |  | $ | 831 |  |  | $ | 1,635 |  |  | $ | 1,213 |
Tax benefit |  |  | 221 |  |  |  | 200 |  |  |  | 393 |  |  |  | 292 |
Stock-based compensation expense, net of tax |  | $ | 699 |  |  | $ | 631 |  |  | $ | 1,242 |  |  | $ | 921 |
The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six 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 |
|  | June 30, 2024 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense for unvested stock options |  | $ | 8,769 |
Unearned stock-based compensation expense for unvested RSU's |  |  | 2,940 |

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