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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2019
Equity-Based Compensation Plans [Abstract] |
Stock-Based Compensation Plans | Note 4 – Stock-Based Compensation Plans The Company recorded total stock-based compensation expense of $403,000 and $231,000 for the three months ended March 31, 2019 and 2018, respectively. Stock based compensation is reflected as an adjustment to cash flows from operating activities on the Company’s consolidated statement of cash flows. The Company recognized $94,000 and $54,000 of income tax benefits related to stock based compensation expense in its consolidated income statement for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019, the Company had the following stock-based compensation plans: the First Bancorp 2014 Equity Plan and the First Bancorp 2007 Equity Plan. The Company’s shareholders approved each plan. The First Bancorp 2014 Equity Plan became effective upon the approval of shareholders on May 8, 2014. As of March 31, 2019, the First Bancorp 2014 Equity Plan was the only plan that had shares available for future grants, and there were 727,934 shares remaining available for grant. The First Bancorp 2014 Equity Plan is intended to serve as a means to attract, retain and motivate key employees and directors and to associate the interests of the Plan’s participants with those of the Company and its shareholders. The First Bancorp 2014 Equity Plan allows for both grants of stock options and other types of equity-based compensation, including stock appreciation rights, restricted stock, restricted performance stock, unrestricted stock, and performance units. Recent equity awards have been shares of restricted stock with service vesting conditions only. Compensation expense for these awards is recorded over the requisite service periods. Upon forfeiture, any previously recognized compensation cost is reversed. Upon a change in control (as defined in the plans), unless the awards remain outstanding or substitute equivalent awards are provided, the awards become immediately vested. Certain of the Company’s stock awards contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. The Company recognizes compensation expense for awards with graded vesting schedules on a straight-line basis over the requisite service period for each incremental award. Compensation expense is based on the estimated number of stock options and awards that will ultimately vest. Over the past five years, there have only been minimal amounts of forfeitures, and therefore the Company assumes that all awards granted with service conditions only will vest. The Company issues new shares of common stock when options are exercised. As it relates to director equity awards, the Company grants common shares, valued at approximately $32,000 to each non-employee director (currently 11 in total) in June of each year. Compensation expense associated with these director awards is recognized on the date of award since there are no vesting conditions. The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding restricted stock:
|  | Long-Term Restricted Stock |
|  | Number of Units |  |  | Weighted-Average Grant-Date Fair Value |
Nonvested at January 1, 2019 |  | 129,251 |  |  | $32.39 |
Granted during the period |  |  | 25,104 |  |  |  | 37.73 |
Vested during the period |  |  | (5,266 | ) |  |  | 19.00 |
Forfeited or expired during the period |  |  | — |  |  |  | — |
Nonvested at March 31, 2019 |  |  | 149,089 |  |  | $ | 33.76 |
Total unrecognized compensation expense as of March 31, 2019 amounted to $2,737,000 with a weighted-average remaining term of 2.2 years. The Company expects to record $379,000 in compensation expense during each remaining quarter of 2019. Prior to 2010, stock options were the primary form of equity based compensation utilized by the Company. The stock options had a term of ten years. At March 31, 2019, there were 9,000 stock options outstanding each having an exercise price of $14.35 and an expiration date of June 1, 2019. The following table presents information regarding the activity for the first three months of 2019 related to the Company’s outstanding stock options:
|  | Options Outstanding |
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Balance at January 1, 2019 |  |  | 9,000 |  |  | $ | 14.35 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Expired |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  |  | 9,000 |  |  | $ | 14.35 |  |  |  | 0.17 |  |  | $ | 183,690 |
Exercisable at March 31, 2019 |  |  | 9,000 |  |  | $ | 14.35 |  |  |  | 0.17 |  |  | $ | 183,690 |
During the three months ended March 31, 2019 and 2018, the Company received $0 and $108,000, respectively, as a result of stock option exercises.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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