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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company recorded total stock-based compensation expense of $513,000 and $403,000 for the three months ended March 31, 2020 and 2019, respectively. The Company recognized $118,000 and $93,000 of income tax benefits related to stock-based compensation expense in the income statement for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020, the sole equity-based compensation plan for the Company is the First Bancorp 2014 Equity Plan (the "Equity Plan"), which was approved by shareholders on May 8, 2014. As of March 31, 2020, the Equity Plan had 616,757 shares remaining available for grant. The 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 plans' participants with those of the Company and its shareholders. The 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 to employees have been made in the form of 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 equity grants 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 been insignificant 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. In addition to employee equity awards, the Company's practice is to grant 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 2020 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, 2020 |  | 159,366 |  |  | $ | 36.79 |
Granted during the period |  | 15,969 |  |  | 36.29 |
Vested during the period |  | (1,042 | ) |  | 28.80 |
Forfeited or expired during the period |  | — |  |  | — |
Nonvested at March 31, 2020 |  | 174,293 |  |  | $ | 36.79 |
Total unrecognized compensation expense as of March 31, 2020 amounted to $2,957,000 with a weighted-average remaining term of 1.9 years. For the nonvested awards that are outstanding at March 31, 2020, the Company expects to record $1,821,000 in compensation expense in the next twelve months, $1,440,000 of which is expected to be recorded in the remaining quarters of 2020. Prior to 2010, stock options were the primary form of stock-based compensation utilized by the Company. At March 31, 2020, there were no stock options outstanding. During both the three months ended March 31, 2020 and 2019, there were no 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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