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Stock Incentive Plan | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Incentive Plan | Note 13 -- Stock Incentive Plan At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 2017 Stock Incentive Plan ("SI Plan"). The SI Plan was implemented to succeed the Company's 2007 Stock Incentive Plan, which had a ten-year term. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its Subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its Subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of Common Stock of the Company on the terms and conditions established in the SI Plan. A maximum of 149,983 shares are authorized under the SI Plan. There have been no options awarded since 2008. All previously issued, unexercised options expired on December 16, 2018. The Company awarded 63,150, 48,575 and 25,950 shares (under the 2017 Stock Incentive Plan) during 2022, 2021, and 2020, respectively, as stock and stock unit awards. The following table summarizes the compensation cost, net of forfeitures, related to stock-based compensation for the years ended December 31, 2022, 2021, and 2020 (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Stock and stock unit awards: |  |  |  |  |  |  |  |  |
Pre-tax compensation expense |  | $ | 1,874 |  |  | $ | 1,304 |  |  | $ | 774 |
Income tax benefit |  |  | (394 | ) |  |  | (274 | ) |  |  | (163 | )
Total share-based compensation expense, net of income taxes |  | $ | 1,480 |  |  | $ | 1,030 |  |  | $ | 611 |
The following table summarizes non-vested stock and stock unit activity for the years ended December 31, 2022, 2021, and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  |  | 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 |  |  | 62,040 |  |  | $ | 34.27 |  |  |  | 42,220 |  |  | $ | 34.62 |  |  |  | 37,908 |  |  | $ | 35.49 |
Granted |  |  | 63,150 |  |  |  | 41.07 |  |  |  | 48,575 |  |  |  | 34.42 |  |  |  | 25,950 |  |  |  | 34.46 |
Vested |  |  | (40,759 | ) |  |  | 38.20 |  |  |  | (28,355 | ) |  |  | 35.02 |  |  |  | (21,305 | ) |  |  | 35.99 |
Forfeited |  |  | (2,383 | ) |  |  | (39.35 | ) |  |  | (400 | ) |  |  | (34.34 | ) |  |  | (333 | ) |  |  | (33.31 | )
Nonvested, end of year |  |  | 82,048 |  |  | $ | 37.41 |  |  |  | 62,040 |  |  | $ | 34.27 |  |  |  | 42,220 |  |  | $ | 34.62 |
Fair value of shares vested |  |  |  |  | $ | 1,556,870 |  |  |  |  |  | $ | 993,094 |  |  |  |  |  | $ | 766,774 |
The fair value of the awards is amortized to compensation expense over the vesting periods of the awards (four years for restricted stock unit awards and three years for restricted stock awards) and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. As of December 31, 2022, 2021, and 2020, there was $2.6 million, $1.7 million, and $1.2 million, respectively, of total unrecognized compensation cost related to unvested stock and stock unit awards under the SI Plan.

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