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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2024:
| 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
Outstanding at January 1, 2024 | 142,419 |  | $ | 28.78 |  |  | 403,970 |  | $ | 31.21 |
Awarded | 8,812 |  | 28.93 |  |  | 283,712 |  | 27.92 |
Released | (12,357) |  | 32.37 |  |  | (72,550) |  | 31.48 |
Forfeited | (9,779) |  | 29.65 |  |  | (20,332) |  | 29.41 |
Outstanding at June 30, 2024 | 129,095 |  | $ | 28.38 |  |  | 594,800 |  | $ | 29.67 |
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) | 2024 | 2023 |  | 2024 | 2023
Employee stock-based compensation expense: |  |  |  |  |
Stock grant expense | $ | 1,278 |  | $ | 1,009 |  |  | $ | 4,303 |  | $ | 3,159 |
Employee stock purchase plan expense | 73 |  | 34 |  |  | 139 |  | 73 |
Total employee stock-based compensation expense | 1,351 |  | 1,043 |  |  | $ | 4,442 |  | $ | 3,232 |
Non-employee director stock-based compensation expense | 123 |  | 135 |  |  | $ | 261 |  | $ | 271 |
Total stock-based compensation expense | 1,474 |  | 1,178 |  |  | $ | 4,703 |  | $ | 3,503 |
Recognized tax benefit | (344) |  | (282) |  |  | (1,096) |  | (825) |
Net stock-based compensation expense | $ | 1,130 |  | $ | 896 |  |  | $ | 3,607 |  | $ | 2,678 |

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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 + Details
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- Definition 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. + References No definition available. + Details
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