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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Nonvested at December 31, 2023 |  |  | 32,075 |  |  | $ | 87.23 |
Granted |  |  | 10,750 |  |  |  | 93.85 |
Forfeited |  |  | (1,500 | ) |  |  | 83.61 |
Nonvested at September 30, 2024 |  |  | 41,325 |  |  |  | 89.08 |
Summary of Accumulated Stock Units | A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
Accumulated stock units |  |  | 121,241 |  |  |  | 119,575 |
Average price |  | $ | 43.43 |  |  | $ | 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) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 1,241,391 |  |  | $ | 53.12 |  |  |  |  |  |
Options exercised |  |  | (184,649 | ) |  |  | 32.83 |  |  |  |  |  |
Options canceled, forfeited or expired |  |  | (14,500 | ) |  |  | 91.45 |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 1,042,242 |  |  |  | 56.18 |  |  | 9.54 Yrs. |  | $ | 51,141 |
Exercisable at September 30, 2024 |  |  | 421,117 |  |  |  | 38.99 |  |  | 6.63 Yrs. |  | $ | 27,901 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 6,846 |  |  | $ | 176 |  |  | $ | 11,931 |  |  | $ | 2,507 |
Cash received from options exercised |  |  | 3,639 |  |  |  | 75 |  |  |  | 6,061 |  |  |  | 1,614 |
Tax benefit realized from options exercised |  |  | 1,646 |  |  |  | 43 |  |  |  | 2,868 |  |  |  | 603 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 945 |  |  | $ | 864 |  |  | $ | 2,580 |  |  | $ | 2,077 |
Tax benefit |  |  | 227 |  |  |  | 208 |  |  |  | 620 |  |  |  | 500 |
Stock-based compensation expense, net of tax |  | $ | 718 |  |  | $ | 656 |  |  | $ | 1,960 |  |  | $ | 1,577 |
The Company amortizes 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 RSU's. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:
Unearned Stock-based Compensation Expense |
|  | September 30, 2024 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense for unvested stock options |  | $ | 8,106 |
Unearned stock-based compensation expense for unvested RSU's |  |  | 3,161 |

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