| Share-Based Compensation On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for equity based compensation awards including incentive and non-qualified stock options, and restricted stock awards. As of March 31, 2024, there were 489,000 shares available for future grants. Share-Based Compensation Expense The following table presents share-based compensation expense and the related tax benefits for the periods indicated: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | ($ in thousands) | | 2024 | | 2023 | | | | | Share-based compensation expense related to: | | | | | | | | | Stock options | | $ | 72 | | | $ | 36 | | | | | | Restricted stock awards | | 64 | | | 84 | | | | | | Total share-based compensation expense | | $ | 136 | | | $ | 120 | | | | | | Related tax benefits | | $ | 34 | | | $ | 25 | | | | | | | | | | | | | | |
The following table presents unrecognized share-based compensation expense as of the date indicated: | | | | | | | | | | | | | | | | | March 31, 2024 | | ($ in thousands) | | Unrecognized Expense | | Weighted-Average Remaining Expected Recognition Period | Unrecognized share-based compensation expense related to: | | | | | Stock options | | $ | 712 | | | 2.6 years | Restricted stock awards | | 397 | | | 2.5 years | Total unrecognized share-based compensation expense | | $ | 1,109 | | | 2.6 years | | | | | |
Stock Options The following tables represent stock option activity for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | ($ in thousands except per share data) | | Number of Shares | | Weighted-Average Exercise Price Per Share | | Weighted-Average Contractual Term | | Aggregated Intrinsic Value | Outstanding at beginning of period | | 614,715 | | | $ | 13.90 | | | 5.7 years | | $ | 2,788 | | | | | | | | | | | Exercised | | (3,351) | | | $ | 10.33 | | | 1.6 years | | | | | | | | | | | | Outstanding at end of period | | 611,364 | | | $ | 13.91 | | | 5.5 years | | $ | 1,477 | | Exercisable at end of period | | 356,364 | | | $ | 12.49 | | | 2.8 years | | $ | 1,368 | | | | | | | | | | |
The following table represents information regarding unvested stock options for the periods indicated: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | Number of Shares | | Weighted-Average Exercise Price Per Share | | | | | Outstanding at beginning of period | | 271,000 | | | $ | 15.85 | | | | | | | | | | | | | | | | Vested | | (16,000) | | | $ | 14.96 | | | | | | | | | | | | | | | Outstanding at end of period | | 255,000 | | | $ | 15.90 | | | | | | | | | | | | | | |
Restricted Stock Awards The following table represents restricted stock award activity for the periods indicated: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | Number of Shares | | Weighted-Average Grant Date Fair Value Per Share | | | | | Outstanding at beginning of period | | 41,661 | | | $ | 17.53 | | | | | | | | | | | | | | | | Vested | | (16,261) | | | $ | 13.93 | | | | | | | | | | | | | | | Outstanding at end of period | | 25,400 | | | $ | 19.84 | | | | | | | | | | | | | | |
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