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STOCK-BASED COMPENSATION PLANS | 6 Months Ended
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Jun. 30, 2022
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | 9. STOCK-BASED COMPENSATION PLANS The Corporation has a Stock Incentive Plan for a selected group of officers and an Independent Directors Stock Incentive Plan. The 2022 restricted stock awards under the Stock Incentive Plan vest ratably over three years, and the 2022 restricted stock issued under the Independent Directors Stock Incentive Plan vests over one year. There were no restricted stock awards granted in the three-month period ended June 30, 2022. Following is a summary of restricted stock awards granted in the three-month period ended March 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in Thousands) |  | ​ |  | Aggregate
​ | ​ | ​ | ​ | Grant
​ | ​ | ​ | ​ | Date
​ | ​ | Number of | ​ | Fair
​ | ​ | Shares | ​ | Value
1st quarter 2022 awards: | ​ | ​ | ​ | ​ | ​
Time-based awards to independent directors | ​ | 9,588 | ​ | $ | 240
Time-based awards to employees | ​ | 51,638 | ​ | ​ | 1,293
Performance-based awards to employees | ​ | 17,017 | ​ | ​ | 426
Total | ​ | 78,243 | ​ | $ | 1,959
​ Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total annual stock-based compensation for the year ending December 31, 2022 is estimated to total $1,610,000. Total stock-based compensation expense attributable to restricted stock awards amounted to $413,000 in the second quarter 2022 and $284,000 in the second quarter 2021. Total stock-based compensation expense attributable to restricted stock awards amounted to $781,000 in the six-month period ended June 30, 2022 and $625,000 in the six-month period ended June 30, 2021.

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