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Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock compensation expense | The Company recorded the following Stock compensation expense in its consolidated statements of income (in thousands):
|  | Three Months ended |  | Nine months ended |
|  | September 30, |  | September 30, |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Stock option grants |  | $ | 16 |  |  |  | 18 |  |  |  | 49 |  |  |  | 52 |
Restricted stock awards |  |  | 255 |  |  |  | 258 |  |  |  | 773 |  |  |  | 550 |
Employee stock grant |  |  | — |  |  |  | — |  |  |  | 50 |  |  |  | 50 |
Annual director stock award |  |  | — |  |  |  | — |  |  |  | 600 |  |  |  | 650 |
Stock compensation |  | $ | 271 |  |  |  | 276 |  |  |  | 1,472 |  |  |  | 1,302 |
Summary of changes in outstanding options | A Summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):
|  |  |  | Weighted |  | Weighted |  | Weighted
|  | Number |  | Average |  | Average |  | Average
|  | Of |  | Exercise |  | Remaining |  | Grant Date
Options |  | Shares |  | Price |  | Term (yrs) |  | Fair Value(000's)
Outstanding at January 1, 2023 |  |  | 88,295 |  |  | $ | 40.33 |  |  | 4.4 |  | $ | 1,271 |
Exercised |  |  | (17,735 | ) |  | $ | 45.27 |  |  |  |  | $ | (190 | )
Outstanding at September 30, 2023 |  |  | 70,560 |  |  | $ | 39.09 |  |  | 3.3 |  | $ | 1,081 |
Exercisable at September 30, 2023 |  |  | 66,570 |  |  | $ | 38.68 |  |  | 3.2 |  | $ | 1,015 |
Vested during nine months ended September 30, 2023 |  |  | — |  |  |  |  |  |  |  |  | $ | — |
Summary of changes in restricted stock awards | A Summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):
|  |  |  | Weighted |  | Weighted |  | Weighted
|  | Number |  | Average |  | Average |  | Average
|  | Of |  | Grant Date |  | Remaining |  | Grant Date
Restricted stock |  | Shares |  | Fair Value |  | Term (yrs) |  | Fair Value(000's)
Non-vested at January 1, 2023 |  |  | 50,496 |  |  | $ | 50.42 |  |  | 3.0 |  | $ | 2,546 |
Time-based awards granted |  |  | 7,980 |  |  |  | 53.86 |  |  |  |  |  | 430 |
Performance-based awards granted |  |  | 17,304 |  |  |  | 53.92 |  |  |  |  |  | 933 |
Vested |  |  | (6,211 | ) |  |  | 46.49 |  |  |  |  |  | (289 | )
Non-vested at September 30, 2023 |  |  | 69,569 |  |  | $ | 52.03 |  |  | 2.8 |  | $ | 3,620 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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