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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2021
Stock-based Compensation |
Stock-based Compensation | Note 8: Stock-Based Compensation ​ Under the terms of the 2020 Equity Plan, the Company has granted restricted stock units, deferred stock units and performance-based restricted stock unit awards. The Company grants restricted stock units to members of management periodically throughout the year. Each restricted stock unit is equivalent to one share of the Company’s common stock. These units have requisite service periods ranging from one to five years, subject to accelerated vesting upon eligible retirement from the Company. Recipients earn quarterly dividend equivalents on their respective units which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances. ​ The Company grants deferred stock units, which are restricted stock units with a deferred settlement date, to its directors and advisory directors. Each deferred stock unit is equivalent to one share of the Company’s common stock. Deferred stock units vest over a one-year period following the grant date. These units generally are subject to the same terms as restricted stock units under the 2020 Equity Plan, except that, following vesting, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, these units will continue to earn dividend equivalents. ​ The Company also grants performance-based restricted stock unit awards to members of management periodically throughout the year. Each performance-based restricted stock unit is equivalent to one share of the Company’s common stock. The number of units that ultimately vest will be determined based on the achievement of the market or other performance goals, subject to accelerated service-based vesting conditions upon eligible retirement from the Company. ​ The Company has outstanding stock options assumed from acquisitions. ​ Upon vesting/delivery, shares are expected (though not required) to be issued from treasury. ​ Stock Option Plan ​ A summary of the status of, and changes in, the Company's stock option awards for the three months ended March 31, 2021, follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ |  |  | Weighted- | ​ | Average
​ | ​ | ​ | ​ | ​ | Average | ​ | Remaining
​ | ​ | ​ | ​ | ​ | Exercise | ​ | Contractual
​ |  | Shares |  | Price |  | Life
Outstanding at beginning of period | ​ |  | 39,085 |  | $ | 23.53 | ​ | ​ | 5.88
Exercised | ​ |  | — | ​ |  | — | ​ | ​ | ​
Forfeited | ​ |  | — | ​ | ​ | — | ​ | ​ | ​
Expired | ​ |  | (5,279) | ​ |  | 23.53 | ​ | ​ | ​
Outstanding at end of period | ​ |  | 33,806 |  | $ | 23.53 |  | ​ | 5.63
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of period | ​ |  | 33,806 |  | $ | 23.53 |  | ​ | 5.63
​ The Company did not record any stock option compensation expense for the three months ended March 31, 2021, or 2020. As of March 31, 2021, the Company did not have any unrecognized stock option expense. ​ Restricted Stock Unit, Deferred Stock Unit, and Performance-Based Restricted Stock Unit Awards ​ A summary of changes in the Company’s restricted stock unit and deferred stock unit awards for the three months ended March 31, 2021, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Director | ​ | Weighted-
​ | ​ | Restricted | ​ | Average | ​ | Deferred | ​ | Average
​ | ​ | Stock | ​ | Grant Date | ​ | Stock | ​ | Grant Date
​ |  | Units |  | Fair Value |  | Units |  | Fair Value
Non-vested at beginning of period |  | ​ | 1,017,038 |  | $ | 23.87 |  | ​ | 34,263 |  | $ | 17.18
Granted |  | ​ | 212,426 | ​ |  | 24.54 |  | ​ | 33,288 | ​ |  | 24.54
Dividend equivalents earned |  | ​ | 11,310 | ​ |  | 20.67 |  | ​ | 1,172 | ​ |  | 20.67
Vested |  | ​ | — | ​ |  | — |  | ​ | (791) | ​ |  | 20.67
Forfeited |  | ​ | (13,422) | ​ |  | 26.98 |  | ​ | — | ​ |  | —
Non-vested at end of period |  | ​ | 1,227,352 |  | $ | 23.93 |  | ​ | 67,932 |  | $ | 20.81
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at end of period |  | ​ | 1,227,352 |  | $ | 23.93 |  | ​ | 71,835 |  | $ | 24.30
​ On March 24, 2021, under the terms of the 2020 Equity Incentive Plan, the Company granted 212,426 restricted stock units to members of management, including the Vice-Chairman of the Board. The grant date fair value of the award totaled $5.2 million and will be recognized as compensation expense over the requisite service period ranging from one year to five years. The terms of these awards included an accelerated vesting provision upon eligible retirement from the Company, after a one-year minimum requisite service period. Subsequent to the requisite service period, the awards will become 100% vested. Further, the Company granted 33,288 deferred stock units to directors and advisory directors. The grant date fair value of the award totaled $0.8 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested. ​ During the first quarter of 2021, the Company also granted a target of 70,815 market-based performance stock units with a maximum award of 113,304 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining the market-based total shareholder return performance goal. The grant date fair value of the award is estimated to be $1.7 million and will be recognized in compensation expense over the performance period ending December 31, 2023. The Company expects to finalize the grant date fair value of these awards in the second quarter of 2021. ​ Further, during the first quarter of 2021, the Company granted a target of 28,344 performance-based stock units with a maximum award of 39,682 units. The actual number of units issued at the vest date could range from 0% to 140% of the initial grant, depending on attaining a performance goal based upon the compounded annual growth rate of the Remittance Processing segment. The grant date fair value of the award is $0.7 million and will be recognized in compensation expense over the performance period ending August 31, 2023, subject to achievement of the performance goal. ​ The Company recognized $1.4 million and $1.1 million of compensation expense related to non-vested restricted stock units, deferred stock units, and performance-based restricted stock awards for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $17.5 million of total unrecognized compensation cost related to these non-vested stock awards. This cost is expected to be recognized over a weighted average period of 3.2 years. ​ As of March 31, 2021, 1,094,149 shares remain available for issuance pursuant to the 2020 Equity Plan. The First Busey Corporation Employee Stock Purchase Plan expired as of December 31, 2020. The Company has included a proposal for approval of a new 2021 Employee Stock Purchase Plan within its Definitive Proxy Statement filed April 8, 2021.

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