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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION (Dollars In Thousands, Except Share and Per Share Amounts) Arrow has established three stock-based compensation plans: a Long Term Incentive Plan, an Employee Stock Purchase Plan (ESPP) and an Employee Stock Ownership Plan (ESOP). All share and per share data have been adjusted for the September 23, 2022 3% stock dividend. Long Term Incentive Plan The Long Term Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock, restricted stock units, performance units and performance shares. The Compensation Committee of the Board of Directors administers the Long Term Incentive Plan. Stock Options - Options may be granted at a price no less than the greater of the par value or fair market value of such shares on the date on which such option is granted, and generally expire ten years from the date of grant. The options usually vest over a four-year period. The following table summarizes information about stock option activity for the year to date period ended September 30, 2022:
| Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2022 | 278,899 |  |  | $ | 27.62 |
Granted | 58,710 |  |  | 34.79 |
Exercised | (17,803) |  |  | 20.56 |
Forfeited | (18,844) |  |  | 30.71 |
Outstanding at September 30, 2022 | 300,962 |  |  | 29.24 |
Vested at Period-End | 178,250 |  |  | 27.56 |
Expected to Vest | 122,712 |  |  | 31.68 |
Stock Options Granted |  |  |
Weighted Average Grant Date Information: |  |  |
Fair Value of Options Granted | $ | 7.43 |  |  |
Fair Value Assumptions: |  |  |
Dividend Yield | 2.90 | % |  |
Expected Volatility | 27.15 | % |  |
Risk Free Interest Rate | 1.69 | % |  |
Expected Lives (in years) | 8.56 |  |
The following table presents information on the amounts expensed related to stock options for the three and nine month periods ended September 30, 2022 and 2021:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Amount expensed |  | $ | 79 |  |  | $ | 71 |  |  | $ | 233 |  |  | $ | 212 |
Restricted Stock Units - The Company grants restricted stock units which gives the recipient the right to receive shares of Company stock upon vesting. The fair value of each restricted stock unit is the market value of Company stock on the date of grant. 100% of the restricted stock unit awards vest three years from the grant date. Once vested, the restricted stock units become vested units and are no longer forfeitable. Vested units settle upon retirement of the recipient. Unvested restricted stock unit awards will generally be forfeited if the recipient ceases to be employed by the Company, with limited exceptions. The following table summarizes information about restricted stock unit activity for the periods ended September 30, 2022 and 2021:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022 | 13,599 |  |  | $ | 29.27 |
Granted | 4,312 |  |  | 34.79 |
Vested | (4,391) |  |  | 28.17 |
Non-vested at September 30, 2022 | 13,520 |  |  | 31.38 |
Non-vested at January 1, 2021 | 12,373 |  |  | 29.81 |
Granted | 5,026 |  |  | 27.71 |
Vested | (3,800) |  |  | 28.95 |
Non-vested at September 30, 2021 | 13,599 |  |  | 29.27 |
The following table presents information on the amounts expensed related to restricted stock units for the periods ended September 30, 2022 and 2021:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Amount expensed |  | $ | 35 |  |  | $ | 32 |  |  | $ | 105 |  |  | $ | 98 |
Employee Stock Purchase Plan Arrow sponsors an ESPP under which employees may purchase Arrow's common stock at a discount below market price. The current amount of the discount is 5%. Under current accounting guidance, a stock purchase plan with a discount of 5% or less is not considered a compensatory plan. Employee Stock Ownership Plan Arrow maintains an ESOP, pursuant to which substantially all employees of Arrow and its subsidiaries are eligible to participate upon satisfaction of applicable service requirements. The Company makes cash contributions to the ESOP each year.

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