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Equity Incentive Plan | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plan | Equity Incentive Plan The Company historically provided stock-based awards through the 2013 Omnibus Incentive Plan, which provided for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, directors emeritus, officers, employees and advisory directors. On November 14, 2022, at the Company's annual meeting, stockholders approved the 2022 Omnibus Incentive Plan which provides for the same types of awards as described under the 2013 Omnibus Incentive Plan. Going forward, any future grants will be made under this plan. The cost of equity-based awards under the 2022 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 1,000,000. Shares of common stock issued under the plan will be issued out of authorized but unissued shares, some or all of which may be repurchased shares. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the dates indicated below:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Share-based compensation expense | $ | 413 |  |  | $ | 434 |  |  |  |  |
Tax benefit | 97 |  |  | 102 |  |  |  |  |
The table below presents stock option activity and related information for the three months ended March 31, 2024 and 2023:
| Options |  | Weighted-Average Exercise Price |  | Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Options outstanding at December 31, 2022 | 849,623 |  |  | $ | 22.06 |  |  | 3.9 |  | $ | 2,958 |
Exercised | (277,549) |  |  | 14.65 |  |  |  |  |
Forfeited | (1,500) |  |  | 14.37 |  |  |  |  |
Options outstanding at March 31, 2023 | 570,574 |  |  | $ | 25.68 |  |  | 5.3 |  | $ | 327 |
Exercisable at March 31, 2023 | 493,764 |  |  | $ | 25.39 |  |  | 4.9 |  | $ | 287 |
Non-vested at March 31, 2023 | 76,810 |  |  | $ | 27.55 |  |  | 8.2 |  | $ | 40 |
Options outstanding at December 31, 2023 | 534,350 |  |  | $ | 25.85 |  |  | 4.6 |  | $ | 776 |
Exercised | (10,000) |  |  | 15.80 |  |  |  |  |
Options outstanding at March 31, 2024 | 524,350 |  |  | $ | 26.04 |  |  | 4.5 |  | $ | 848 |
Exercisable at March 31, 2024 | 475,380 |  |  | $ | 25.86 |  |  | 4.2 |  | $ | 774 |
Non-vested at March 31, 2024 | 48,970 |  |  | $ | 27.77 |  |  | 7.4 |  | $ | 74 |
There were no options granted during the three months ended March 31, 2024 and 2023. At March 31, 2024, the Company had $340 of unrecognized compensation expense related to 48,970 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.5 years at March 31, 2024. At March 31, 2023, the Company had $529 of unrecognized compensation expense related to 76,810 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.8 years at March 31, 2023. The table below presents restricted stock award activity and related information:
| Restricted Stock Awards(1) |  | Performance-Based Restricted Stock Units(2) |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Non-vested at December 31, 2022 | 100,992 |  |  | 22,843 |  |  | $ | 27.28 |  |  | $ | 2,033 |
Granted | 53,339 |  |  | 17,519 |  |  | 27.45 |  |  |
Vested | (41,588) |  |  | — |  |  | 27.47 |  |  |
Non-vested at March 31, 2023 | 112,743 |  |  | 40,362 |  |  | $ | 27.14 |  |  | $ | 3,916 |
Non-vested at December 31, 2023 | 106,143 |  |  | 25,001 |  |  | $ | 27.70 |  |  | $ | 3,530 |
Granted | 56,480 |  |  | 15,899 |  |  | 26.58 |  |  |
Vested | (36,637) |  |  | — |  |  | 27.26 |  |  |
Non-vested at March 31, 2024 | 125,986 |  |  | 40,900 |  |  | $ | 27.31 |  |  | $ | 4,563 |
(1)Restricted stock awards are scheduled to vest over 1.0 year for director awards and 5.0 years for employee awards. (2)Performance-based restricted stock units are scheduled to vest over 3.0 years assuming the applicable financial goals are met. At March 31, 2024, unrecognized compensation expense was $3,966 related to 166,886 shares of restricted stock and restricted stock units. The weighted average period over which compensation cost related to non-vested awards was expected to be recognized was 2.2 years at March 31, 2024. At March 31, 2023, unrecognized compensation expense was $3,628 related to 149,619 shares of restricted stock and restricted stock units. The weighted average period over which compensation cost related to non-vested awards was expected to be recognized was 2.0 years at March 31, 2023.

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