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Stock plans | 12 Months Ended
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Dec. 31, 2021
Stock plans |
Stock plans | 16. Stock plans: In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). The 2017 Plan allows for eligible participants to be granted equity awards. Under the 2017 Plan the Compensation Committee of the Board of Directors has the authority to, among other things:
| ● | Select the persons to be granted awards under the 2017 Plan.
| ● | Determine the type, size and term of awards.
| ● | Determine whether such performance objectives and conditions have been met.
| ● | Accelerate the vesting or excercisability of an award.
Persons eligible to receive awards under the 2017 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries. As of December 31, 2021, 37,151 shares of the Company’s common stock were available for grant as awards pursuant to the 2017 Plan. If any outstanding awards under the 2017 Plan are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others. The 2017 Plan authorizes grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock and restricted stock units. In 2021, the Company awarded 4,403 shares of non-performance-based restricted stock and 15,415 performance-based restricted stock units under the 2017 Plan. In 2020, the Company awarded 3,615 shares of non-performance-based restricted stock and 12,654 performance-based restricted stock units under the 2017 Plan. In 2021, 3,128 shares of non-performance-based and 12,332 shares of performance based restricted stock granted under the 2017 Plan vested and there were no shares forfeited under the provisions of the 2017 Plan. In 2020, 1,920 shares of non-performance-based and 6,535 shares of performance based restricted stock granted under the 2017 Plan vested and there were 1,875 shares forfeited under the provisions of the 2017 Plan. The non-performance restricted stock grants made in 2021, 2020 and 2019 vest equally over three years from the grant date. The performance-based restricted stock units vest three years after the grant date and include conditions based on the Company’s three year cumulative diluted earnings per share and three-year average return on equity or tangible equity that determines the number of restricted stock units that may vest. The activity related to the 2017 Plan for each of the years ended December 31, 2021, 2020 and 2019 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31 |  | 2021 |  | 2020 |  | 2019 |
Nonvested, January 1 |  | 31,923 |  | 25,984 |  | 12,892 | ​
Granted shares | ​ | 19,818 |  | 16,269 |  | 17,345 | ​
Vested shares |  | 15,460 | ​ | 8,455 | ​ | 2,542 | ​
Forfeited shares | ​ | ​ | ​ | 1,875 | ​ | 1,711 | ​
Nonvested, December 31 |  | 36,281 |  | 31,923 |  | 25,984 | ​
​ The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. Compensation is recognized over the vesting period and adjusted based on the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the Consolidated Statements of Income and Comprehensive Income. In 2021, the Company recognized $546 for awards granted under the 2017 Plan. In 2020, the Company recognized $570 for awards granted under the 2017 Plan. In 2019, the Company recognized $554 for awards granted. As of December 31, 2021, the Company had $855 of unrecognized compensation expense associated with restricted stock awards. The remaining cost is expected to be recognized over a weighted average vesting period of 1.7 years.

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