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Stock-Based Compensation (Tables)

6 Months Ended

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

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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.

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