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Equity Incentive Plan
3 Months Ended
Mar. 31, 2026
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 periods indicated:
Three Months Ended March 31,
20262025
Share-based compensation expense$767 $490 
Tax benefit176 116 
The table below presents stock option activity and related information for the periods indicated below:
OptionsWeighted-Average Exercise PriceRemaining Contractual Life
(Years)
Aggregate
Intrinsic
Value
Options outstanding at December 31, 2024413,637 $26.02 3.8$3,169 
Exercised(4,300)22.06 
Forfeited(600)28.54 
Options outstanding at March 31, 2025408,737 $26.06 3.5$3,361 
Exercisable at March 31, 2025382,557 $25.90 3.3$3,204 
Non-vested at March 31, 202526,180 $28.28 6.7$157 
Options outstanding at December 31, 2025354,797 $26.19 2.8$5,945 
Exercised(18,000)24.53 
Options outstanding at March 31, 2026336,797 $26.27 2.5$5,516 
Exercisable at March 31, 2026327,507 $26.16 2.4$5,402 
Non-vested at March 31, 20269,290 $30.36 5.9$114 
There were no options granted during the three months ended March 31, 2026 or 2025.
At March 31, 2026, the Company had $68 of unrecognized compensation expense related to 9,290 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 0.9 years at March 31, 2026. At March 31, 2025, the Company had $187 of unrecognized compensation expense related to 26,180 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 March 31, 2025.
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, 2024138,582 30,001 $27.15 $5,678 
Granted49,285 15,444 37.62 
Vested(35,304)— 27.03 
Forfeited(2,533)— 27.33 
Non-vested at March 31, 2025150,030 45,445 $30.64 $6,701 
Non-vested at December 31, 2025144,964 31,341 $31.52 $7,571 
Granted54,111 26,032 44.04 
Vested(39,697)— 29.76 
Non-vested at March 31, 2026159,378 57,373 $36.47 $9,244 
(1)Restricted stock awards granted in calendar year 2026 are scheduled to vest over 1.0 year for director awards and 3.0 years for employee awards. All restricted stock awards granted prior to calendar year 2026 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, 2026, unrecognized compensation expense was $6,741 related to 216,751 shares of restricted stock. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at March 31, 2026. At March 31, 2025, unrecognized compensation expense was $4,952 related to 195,475 shares of restricted stock. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 2.0 years at March 31, 2025.