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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 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			61,273			26.51						188,372			30.30
Released			(33,220)			24.73						(70,458)			32.91
Forfeited			(6,547)			30.54						(9,179)			31.14
Outstanding at September 30, 2023			160,028			$	27.36					404,610			$	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									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands)			2023			2022						2023			2022
Employee stock-based compensation expense:
Stock grant expense			$	1,074		$	780					$	4,233		$	2,933
Employee stock purchase plan expense			33			2						106			54
Total employee stock-based compensation expense			1,107			782						$	4,339		$	2,987
Non-employee director stock-based compensation expense			139			127						$	410		$	378
Total stock-based compensation expense			1,246			909						$	4,749		$	3,365
Recognized tax benefit			(291)			(195)						(1,109)			(721)
Net stock-based compensation expense			$	955		$	714					$	3,640		$	2,644

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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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