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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of changes in the Company's stock option awards | Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the nine months ended September 30, 2023, follows:
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life
Options outstanding at December 31, 2022 | 26,106 |  | $ | 23.53 |  |  | 3.88
Forfeited | (4,180) |  | 23.53 |  |  |
Options outstanding at September 30, 2023 | 21,926 |  | 23.53 |  |  | 3.13
Options exercisable at September 30, 2023 | 21,926 |  | 23.53 |  |  | 3.13
Summary of changes in the Company's RSU, PSU, and DSU awards | A summary of changes in Busey’s RSU awards for the nine months ended September 30, 2023, is as follows:
| RSU Awards
| Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022 | 1,096,931 |  | $ | 23.61 |
Granted | 224,316 |  | 20.44 |
Dividend equivalents earned | 43,841 |  | 20.53 |
Vested | (150,806) |  | 29.91 |
Forfeited | (14,145) |  | 22.00 |
Nonvested at September 30, 2023 | 1,200,137 |  | 22.13 |
A summary of changes in Busey’s PSU awards for the nine months ended September 30, 2023, is as follows:
| PSU Awards
| Shares 1 |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022 | 285,351 |  |  | $ | 25.40 |
Granted | 224,331 |  |  | 20.04 |
Dividend equivalents earned | 92 |  |  | 22.85 |
Vested | (13,155) |  |  | 25.50 |
Forfeited | (40,159) |  |  | 24.98 |
Nonvested at September 30, 2023 | 456,460 |  |  | 22.80 |
Vested and outstanding at September 30, 2023² | 13,063 |  |  | 25.52 |
___________________________________________ 1.Shares for PSU awards represent target shares at the grant date. 2.Reported at target, as performance determination and settlement activity will take place in the fourth quarter of 2023. A summary of changes in Busey’s DSU awards for the nine months ended September 30, 2023, is as follows:
| DSU Awards
| Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022 | 31,085 |  |  | $ | 25.75 |
Granted | 41,548 |  |  | 20.44 |
Dividend equivalents earned | 6,010 |  |  | 20.48 |
Vested | (36,078) |  |  | 25.04 |
Forfeited | (73) |  |  | 20.44 |
Nonvested at September 30, 2023 | 42,492 |  |  | 20.42 |
Vested and outstanding at September 30, 2023 | 142,347 |  |  | 23.58 |
Schedule of Stock-based compensation expense | Busey recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stock-based compensation expense |  |  |  |  |  |  |
RSU awards | $ | 1,177 |  |  | $ | 1,072 |  |  | $ | 3,428 |  |  | $ | 3,521 |
PSU awards 1 | 1,180 |  |  | 1,172 |  |  | 2,724 |  |  | 2,342 |
DSU awards | 213 |  |  | 196 |  |  | 620 |  |  | 679 |
2021 ESPP | 33 |  |  | 36 |  |  | 156 |  |  | 179 |
Total stock-based compensation expense | $ | 2,603 |  |  | $ | 2,476 |  |  | $ | 6,928 |  |  | $ | 6,721 |
___________________________________________ 1.Expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
Schedule of Unamortized stock-based compensation expense | Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):
| As of
| September 30, 2023 |  | December 31, 2022
Unamortized stock-based compensation |  |  |
RSU awards | $ | 9,437 |  |  | $ | 8,570 |
PSU awards 1 | 5,942 |  |  | 4,279 |
DSU awards | 403 |  |  | 175 |
Total unamortized stock-based compensation | $ | 15,782 |  |  | $ | 13,024 |
Weighted average period over which expense is to be recognized | 2.5 years |  | 2.5 years
___________________________________________ 1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

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