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Stock Incentive Plan (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Compensation Cost, Net of Forfeitures, Related to Stock-based Compensation

The following table summarizes the compensation cost, net of forfeitures, related to stock-based compensation for the years ended December 31, 2020, 2019 and 2018 (in thousands):

 

 

2020

 

 

2019

 

 

2018

 

Stock and stock unit awards:

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax compensation expense

 

$

774

 

 

$

453

 

 

$

314

 

Income tax benefit

 

 

(163

)

 

 

(95

)

 

 

(66

)

Total share-based compensation expense, net of income taxes

 

$

611

 

 

$

358

 

 

$

248

 

Summary of Stock Option Activity

A summary of option activity under the 1997 Stock Incentive Plan as of December 31, 2018, and changes during the years then ended is presented below:

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Shares

 

 

Exercise Price

 

 

Contractual Term

 

 

Value

 

Outstanding, beginning of year

 

 

10,500

 

 

$

23.00

 

 

 

 

 

 

 

 

 

Granted

 

 

0

 

 

 

0.00

 

 

 

 

 

 

 

 

 

Exercised

 

 

(10,500

)

 

 

23.00

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

0

 

 

 

0.00

 

 

 

 

 

 

 

 

 

Outstanding, end of year

 

 

0

 

 

$

0.00

 

 

 

0.00

 

 

$

 

Exercisable, end of year

 

 

0

 

 

$

0.00

 

 

 

0.00

 

 

$

 

 

The total intrinsic value of options exercised during 2018 was $176,000. There were no stock options for shares of common stock not considered in computing the aggregate intrinsic value of outstanding shares and exercisable shares for 2018 because they were anti-dilutive. There were no stock options remaining after 2018.

 

Summary of Unvested Stock and Stock Units

 

The following table summarizes non-vested stock and stock unit activity for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

Weighted-avg

 

 

 

 

 

 

Weighted-avg

 

 

 

 

 

 

Weighted-avg

 

 

 

 

 

 

 

Grant-date

 

 

 

 

 

 

Grant-date

 

 

 

 

 

 

Grant-date

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

Nonvested, beginning of year

 

 

37,908

 

 

$

35.49

 

 

 

24,280

 

 

$

38.92

 

 

 

0

 

 

$

0.00

 

Granted

 

 

25,950

 

 

 

34.46

 

 

 

26,700

 

 

 

33.31

 

 

 

28,700

 

 

 

38.92

 

Vested

 

 

(21,305

)

 

 

35.99

 

 

 

(13,072

)

 

 

37.42

 

 

 

(4,420

)

 

 

38.92

 

Forfeited

 

 

(333

)

 

 

(33.31

)

 

 

0

 

 

 

0.00

 

 

 

0

 

 

 

0.00

 

Nonvested, end of year

 

 

42,220

 

 

$

34.62

 

 

 

37,908

 

 

$

35.49

 

 

 

24,280

 

 

$

38.92

 

Fair value of shares vested

 

 

 

 

 

$

766,774

 

 

 

 

 

 

$

489,110

 

 

 

 

 

 

$

172,026