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Equity Incentive Plan | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Share-based compensation expense | $ | 409 |  |  | $ | 389 |  |  | $ | 822 |  |  | $ | 823 |
Tax benefit | 97 |  |  | 91 |  |  | 194 |  |  | 193 |
The table below presents stock option activity and related information for the six months ended June 30, 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 | (278,049) |  |  | 14.65 |  |  |  |  |
Forfeited | (2,350) |  |  | 18.90 |  |  |  |  |
Options outstanding at June 30, 2023 | 569,224 |  |  | $ | 25.69 |  |  | 5.1 |  | $ | 141 |
Exercisable at June 30, 2023 | 493,264 |  |  | $ | 25.40 |  |  | 4.6 |  | $ | 141 |
Non-vested at June 30, 2023 | 75,960 |  |  | $ | 27.56 |  |  | 7.9 |  | $ | — |
Options outstanding at December 31, 2023 | 534,350 |  |  | $ | 25.85 |  |  | 4.6 |  | $ | 776 |
Exercised | (10,000) |  |  | 15.80 |  |  |  |  |
Forfeited | (23,600) |  |  | 25.94 |  |  |  |  |
Options outstanding at June 30, 2024 | 500,750 |  |  | $ | 26.04 |  |  | 4.2 |  | $ | 2,049 |
Exercisable at June 30, 2024 | 451,780 |  |  | $ | 25.85 |  |  | 3.9 |  | $ | 1,907 |
Non-vested at June 30, 2024 | 48,970 |  |  | $ | 27.77 |  |  | 7.2 |  | $ | 142 |
There were no options granted during the six months ended June 30, 2024 and 2023. At June 30, 2024, the Company had $300 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 1.2 years at June 30, 2024. At June 30, 2023, the Company had $478 of unrecognized compensation expense related to 75,960 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 1.6 years at June 30, 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 | (41,590) |  |  | — |  |  | 27.47 |  |  |
Forfeited | (3,890) |  |  | (3,032) |  |  | 27.04 |  |  |
Non-vested at June 30, 2023 | 108,851 |  |  | 37,330 |  |  | $ | 27.32 |  |  | $ | 3,054 |
Non-vested at December 31, 2023 | 106,143 |  |  | 25,001 |  |  | $ | 27.70 |  |  | $ | 3,530 |
Granted | 72,502 |  |  | 15,899 |  |  | 26.76 |  |  |
Vested | (36,637) |  |  | — |  |  | 27.26 |  |  |
Non-vested at June 30, 2024 | 142,008 |  |  | 40,900 |  |  | $ | 27.33 |  |  | $ | 5,493 |
(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 June 30, 2024, unrecognized compensation expense was $3,982 related to 182,908 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 1.8 years at June 30, 2024. At June 30, 2023, unrecognized compensation expense was $3,154 related to 146,181 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 1.8 years at June 30, 2023.

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