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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Shares Activity

The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2023:

			Time-Based Vesting									Performance-Based Vesting
			Number of Common Shares			Weighted-Average Grant Date Fair Value						Number of Common Shares			Weighted-Average Grant Date Fair Value
Oustanding at January 1, 2023			138,522			$	27.25					295,875			$	32.20
Awarded			47,725			26.49						188,372			30.30
Released			(14,356)			30.76						(70,458)			32.91
Forfeited			(4,064)			31.98						(6,461)			31.16
Outstanding at June 30, 2023			167,827			$	26.62					407,328			$	31.21

Summary of Stock-Based Compensation and Related Tax Benefit

The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period:

			Three Months Ended									Six Months Ended
			June 30,									June 30,
(Dollars in thousands)			2023			2022						2023			2022
Employee stock-based compensation expense:
Stock grant expense			$	1,009		$	576					$	3,159		$	2,153
Employee stock purchase plan expense			34			24						73			52
Total employee stock-based compensation expense			1,043			600						$	3,232		$	2,205
Non-employee director stock-based compensation expense			135			127						$	271		$	251
Total stock-based compensation expense			1,178			727						$	3,503		$	2,456
Recognized tax benefit			(278)			(166)						(825)			(560)
Net stock-based compensation expense			$	900		$	561					$	2,678		$	1,896

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- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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