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Share Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share Based Compensation. |
Share Based Compensation | Note 4 – Share Based Compensation On March 17, 2023, the Company’s Board of Directors approved and adopted the 2023 Equity Compensation Plan (the “2023 Plan”), which became effective May 24, 2023, the date approved by the Company’s shareholders. The 2023 Plan replaced the Company’s 2017 Stock Incentive Plan (the “2017 Plan”). Options to purchase 191,600 shares granted under the 2017 Plan and options to purchase 130,649 shares that were granted under the 2007 Plan were still outstanding as of March 31, 2024, and remain unaffected by that plan’s expiration. The 2023 Plan provides for the issuance of various types of equity awards, including options, stock appreciation rights, restricted stock awards, restricted share units, performance share awards, dividend equivalents, or any combination thereof. Such awards may be granted to officers and employees as well as non-employee directors, which awards may be granted on such terms and conditions as are established by the Board of Directors or the Compensation Committee in its discretion. The total number of shares of the Company’s authorized but unissued stock reserved for issuance pursuant to awards under the 2023 Plan was initially 360,000 shares, and the number remaining available for grant as of March 31, 2024, was 259,913. The potential dilutive impact of unexercised stock options is discussed below in Note 5, Earnings per Share. Pursuant to FASB’s standards on stock compensation, the value of each stock option and restricted stock award is reflected in our income statement as employee compensation or directors’ expense by amortizing its grant date fair value over the vesting period of the option or award. The Company utilizes a Black-Scholes model to determine grant date fair values for options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Forfeitures are reflected in compensation costs as they occur for both types of awards. A pre-tax charge of $0.5 million was reflected in the Company’s income statement during the first quarter of 2024 and $0.4 million during the first quarter of 2023, as expense related to stock options and restricted stock awards. Restricted Stock Grants The Company’s Restricted Stock Awards are awards of either time-vested or performance-based shares. The Restricted Stock Awards are non-transferrable shares of common stock and are available to be granted to the Company’s employees and directors. The vesting period of Restricted Stock Awards is determined at the time the awards are issued, and different awards may have different vesting terms or performance measures; provided, however, that no installment of any Restricted Stock Award shall become vested less than one year from the grant date. Restricted Stock Awards are valued utilizing the fair value of the Company’s stock at the grant date. These awards are expensed on a straight-line basis over the vesting period and consider the probability of meeting the performance criteria. There were 36,114 shares granted to employees of the Company during the first three months of 2024. As of March 31, 2024, there was $3.4 million of unamortized compensation cost related to unvested Restricted Stock Awards granted under the 2017 plan. That cost is expected to be amortized over a weighted average period of 2.3 years. The Company’s restricted stock award activity for the three months ended March 31, 2024, and 2023 is summarized below (unaudited): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | Shares | ​ | ​ | Weighted Average Grant-Date Fair Value | ​ | Shares | ​ | ​ | Weighted Average Grant-Date Fair Value
Unvested shares, January 1, | ​ | 238,179 | ​ | $ | 20.30 | ​ | 175,619 | ​ | $ | 21.42
Granted | ​ | 36,114 | ​ | ​ | 19.10 | ​ | 29,064 | ​ | ​ | 21.50
Vested | ​ | (11,224) | ​ | ​ | 22.57 | ​ | (3,162) | ​ | ​ | 25.30
Forfeited | ​ | (649) | ​ | ​ | 23.10 | ​ | (514) | ​ | ​ | 27.16
Unvested shares, March 31, | ​ | 262,420 | ​ | $ | 20.00 | ​ | 201,007 | ​ | $ | 21.35
​ ​ Stock Option Grants The Company has issued equity instruments in the form of Incentive Stock Options and Nonqualified Stock Options to certain officers and directors. No options have been granted since 2020, but the Company could elect to issue under the 2023 Plan. The exercise price of each stock option is determined at the time of the grant and may be no less than 100% of the fair market value of such stock at the time the option is granted. The Company’s stock option activity during the three months ended March 31, 2024, and 2023 are summarized below (dollars in thousands, except per share data, unaudited): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
​ | ​ | 2024 | ​ | 2023
​ |  | Shares |  | Weighted Average Exercise Price | ​ | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (1) |  | Shares |  | Weighted Average Exercise Price | ​ | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (1)
Outstanding at January 1, | ​ | 343,449 | ​ | $ | 25.02 | ​ | ​ | ​ | $ | 447 | ​ | 352,249 | ​ | $ | 25.06 | ​ | ​ | ​ | $ | 348
Forfeited/Expired | ​ | (11,000) | ​ | $ | 27.43 | ​ | ​ | ​ | $ | — | ​ | (2,200) | ​ | $ | 27.67 | ​ | ​ | ​ | $ | —
Outstanding at March 31, | ​ | 332,449 | ​ | $ | 24.94 | ​ | 3.96 | ​ | $ | 264 | ​ | 350,049 | ​ | $ | 25.04 | ​ | 4.99 | ​ | $ | 33
Exercisable at March 31, | ​ | 332,449 | ​ | $ | 24.87 | ​ | 3.90 | ​ | $ | 264 | ​ | 325,649 | ​ | $ | 24.89 | ​ | 4.85 | ​ | $ | 33
(1) | The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2024. This amount changes based on changes in the market value of the Company's stock.

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