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Stock and Incentive Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock and Incentive Compensation Plans | Note 13 - Stock and Incentive Compensation Plans On April 28, 2021, an employee stock purchase plan ("ESPP") was approved by the Company's stockholders and qualified as an ESPP under IRS guidelines. The ESPP provides for the purchase of up to an aggregate one million shares of the Company's common stock by employees pursuant to the terms of the ESPP. Under the ESPP, employees of the Company who elect to participate have the right to purchase a limited number of shares of the Company's common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each one year offering period, beginning on June 1st. The ESPP benefit is treated as compensation to the employee and the compensation expense will be recognized over the service period based on the fair value of the rights on the grant date, adjusted for forfeitures and certain modifications. There were no shares of common stock issued pursuant to the ESPP during the year ended December 31, 2021. The Company has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the Company's 2012 Stock Incentive Plan (the "2012 Plan"). Additionally, awards have been issued prior to the establishment of the 2012 Plan, some of which were still outstanding at December 31, 2021. The 2012 Plan is designed to provide flexibility to the Company regarding its ability to motivate, attract and retain the services of key officers, employees and directors. The 2012 Plan allows the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards ("RSA"), restricted stock units ("RSU"), dividend equivalent rights, performance unit awards or any combination thereof. At December 31, 2021, the maximum number of shares of the Company's common stock available for issuance under the 2012 Plan was 664,668 shares. Share-based compensation cost charged to income for the years ended December 31, 2021, 2020 and 2019, is presented below. There was no stock option expense for any of the periods shown.
|  |  |  |  | Years Ended December 31,
(Dollars in thousands) |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2019
RSA & RSU |  |  |  |  |  |  |  |  | $ | 2,100 |  |  | $ | 2,320 |  |  | $ | 2,247 |
ESPP |  |  |  |  |  |  |  |  | 195 |  |  | — |  |  | — |
Total stock compensation expense |  |  |  |  |  |  |  |  | $ | 2,295 |  |  | $ | 2,320 |  |  | $ | 2,247 |
Related tax benefits recognized in net income |  |  |  |  |  |  |  |  | $ | 482 |  |  | $ | 487 |  |  | $ | 472 |
Restricted Stock Grants The Company's restricted stock grants are time-vested awards and are granted to the Company's Board of Directors, executives and senior management team. The service period in which time-vested awards are earned ranges from one to five years. Time-vested awards are valued utilizing the fair value of the Company's stock at the grant date. These awards are recognized on the straight-line method over the requisite service period, with forfeitures recognized as they occur. The following table summarizes the Company's time-vested award activity:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value
Nonvested RSA shares, January 1, | 103,359 |  |  | $ | 31.51 |  |  | 149,449 |  |  | $ | 35.15 |  |  | 174,407 |  |  | $ | 35.01 |
Granted RSA | 13,460 |  |  | 42.26 |  |  | 30,638 |  |  | 20.14 |  |  | 37,641 |  |  | 32.77 |
Vested RSA | (67,825) |  |  | 31.07 |  |  | (72,325) |  |  | 33.88 |  |  | (59,344) |  |  | 33.50 |
Forfeited RSA | (946) |  |  | 24.69 |  |  | (4,403) |  |  | 37.11 |  |  | (3,255) |  |  | 30.21 |
Nonvested RSA shares, December 31, | 48,048 |  |  | 35.27 |  |  | 103,359 |  |  | 31.51 |  |  | 149,449 |  |  | 35.15 |
Nonvested RSU, January 1, | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted RSU | 73,977 |  |  | 40.64 |  |  | — |  |  | — |  |  | — |  |  | — |
Nonvested RSU, December 31 | 73,977 |  |  | 40.64 |  |  | — |  |  | — |  |  | — |  |  | — |
At December 31, 2021, there was $1.1 million and $2.7 million of total unrecognized compensation cost related to nonvested RSA shares and RSU shares under the 2012 Plan, respectively. Those costs are expected to be recognized over a weighted-average period of 1.2 years and 2.7 years for RSA shares and RSU shares, respectively. Stock Option Grants The Company issued common stock options to select officers and employees primarily through individual agreements. As a result, both incentive and nonqualified stock options have been issued and may be issued in the future. The exercise price of each option varies by agreement and is based on the fair value of the stock at the date of the grant. No outstanding stock option has a term that exceeds twenty years, and all of the outstanding options are fully vested. The Company recognizes compensation cost for stock option grants over the required service period based upon the grant date fair value, which is established using a Black-Scholes valuation model. The Black-Scholes valuation model uses assumptions of risk-free interest rate, expected term of stock options, expected stock price volatility and expected dividends. Forfeitures are recognized as they occur. The table below summarizes the status of the Company's stock options and changes during the years ended December 31, 2021, 2020 and 2019 .
(Dollars in thousands, except per share amounts) | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2019 | 274,000 |  |  | $ | 10.38 |  |  | 6.75 |  | $ | 6,493 |
Exercised | (20,000) |  |  | 8.25 |  |  | — |  |  | — |
Outstanding at December 31, 2019 | 254,000 |  |  | 10.55 |  |  | 5.81 |  | 6,932 |
Exercised | (30,000) |  |  | 8.25 |  |  | — |  |  | — |
Outstanding at December 31, 2020 | 224,000 |  |  | 10.86 |  |  | 4.92 |  | 3,789 |
Exercised | (184,800) |  |  | 10.88 |  |  | — |  |  | — |
Outstanding at December 31, 2021 | 39,200 |  |  | 10.73 |  |  | 2.28 |  | 1,262 |
Exercisable at December 31, 2021 | 39,200 |  |  | 10.73 |  |  | 2.28 |  | 1,262 |

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