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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value of Options Granted

The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions:

		Years Ended December 31
		2019				2018				2017
Dividend yields			2.39	%			1.99	%			1.75	%
Volatility factors of expected market price of common stock			28.67	%			28.60	%			28.52	%
Risk-free interest rates			2.61	%			2.85	%			2.42	%
Expected life of options			8 years				8 years				8 years

Summary of Status of Non-vested, Restricted and Performance Shares

A summary of the status of Horizon’s non-vested restricted and performance shares as of December 31, 2019 are presented below:

		Shares				Weighted Average Grant Date Fair Value
Non-vested, beginning of year			176,538			$	16.90
Vested			(43,358	)			11.17
Granted			84,526				16.74
Forfeited			(4,137	)			18.23
Non-vested, end of year			213,569				17.97

Stock Options 2003 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2003 Plan as of December 31, 2019, and changes during the year then ended, is presented below:

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding, beginning of year			21,300			$	5.03
Granted			—				—
Exercised			(8,625	)			4.45
Forfeited			—				—
Outstanding, end of year			12,675				5.42				1.04			$	172,096
Exercisable, end of year			12,675				5.42				1.04				172,096

Stock Options 2013 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2013 Plan as of December 31, 2019, and changes during the year then ended, is presented below:

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term				Aggregate Intrinsic Value
Outstanding, beginning of year			307,317			$	12.28
Granted			35,966				16.74
Exercised			(24,256	)			9.75
Forfeited			(2,250	)			10.38
Outstanding, end of year			316,777				12.99				6.37			$	1,822,924
Exercisable, end of year			242,814				11.58				5.74				1,802,010

The weighted average grant-date fair value of options granted during the years 2019, 2018 and 2017 was $4.44, $5.54 and $4.83.

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Tabular disclosure of the changes in outstanding nonvested shares.

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