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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
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, 2025

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

947,921

 

 

$

58.42

 

 

 

 

 

 

Options exercised

 

 

(21,000

)

 

 

36.82

 

 

 

 

 

 

Options canceled, forfeited, or expired

 

 

(5,000

)

 

 

90.56

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

921,921

 

 

 

58.74

 

 

9.55 Yrs.

 

$

47,140

 

Exercisable at March 31, 2025

 

 

391,046

 

 

 

43.95

 

 

7.21 Yrs.

 

$

25,776

 

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,

 

 

 

2025

 

 

2024

 

 

 

(Dollars in thousands)

 

Total intrinsic value of options exercised

 

$

1,734

 

 

$

1,831

 

Cash received from options exercised

 

 

773

 

 

 

708

 

Tax benefit realized from options exercised

 

 

417

 

 

 

440

 

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
March 31,

 

 

 

2025

 

 

2024

 

 

 

(Dollars in thousands)

 

Stock-based compensation expense

 

$

790

 

 

$

715

 

Tax benefit

 

 

190

 

 

 

172

 

Stock-based compensation expense, net of tax

 

$

600

 

 

$

543

 

Unearned Stock-based Compensation Expense

 

 

March 31, 2025

 

 

 

(Dollars in thousands)

 

Unearned stock-based compensation expense for unvested stock options

 

$

6,802

 

Unearned stock-based compensation expense for unvested RSU's

 

 

3,480

 

Summary of Accumulated Stock Units

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Accumulated stock units

 

 

119,058

 

 

 

120,984

 

Average price

 

$

46.51

 

 

$

44.70

 

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

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

Nonvested at December 31, 2024

 

 

42,825

 

 

$

90.35

 

Granted

 

 

4,000

 

 

 

113.41

 

Nonvested at March 31, 2025

 

 

46,825

 

 

 

92.32