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Share-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2021
Share-Based Compensation Plans |
Share-Based Compensation Plans | 11. Share-Based Compensation Plans During the three and nine months ended September 30, 2021, the Company recognized $338,000 and $1,210,000 respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021. During the three and nine months ended September 30, 2020, the Company recognized $362,000 and $1,063,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2016 through 2020. During the first quarter of 2021, the Company’s Board of Directors approved extending the expiration date of stock options granted in years 2015 and 2016. The original expiration date of the stock options granted in 2015 was August 25, 2021, and was extended by two years to August 25, 2023. The original expiration date of the stock options granted in 2016 was August 25, 2022, and was extended by one year to August 25, 2023. The Company recorded an additional $232,000 of compensation expense in the first quarter of 2021 due to the extension of the exercise periods. The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ |  | Shares |  | Price |  | Term (Years) |  | Value*
Outstanding at December 31, 2020 |  | 1,125,383 | ​ | $ | 25.62 |  |  |  | ​ |
Granted |  | 186,900 | ​ | $ | 24.00 |  |  |  | ​ |
Exercised |  | (1,200) | ​ | $ | 18.00 |  |  |  | ​ |
Forfeited or expired |  | (27,015) | ​ | $ | 24.22 |  |  |  | ​ |
Outstanding at September 30, 2021 |  | 1,284,068 | ​ | $ | 25.43 |  | 5.4 | ​ | $ | 829,000
Exercisable at September 30, 2021 |  | 769,857 | ​ | $ | 26.58 |  | 4.1 | ​ | $ | 171,000
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on September 30, 2021 of $22.66 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes the Company’s stock option exercise activity for the three and nine-month periods ended September 30, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ |  | (Dollars in thousands)
Total intrinsic value of stock options exercised | ​ | $ | 8 | ​ | $ | — | ​ | $ | 8 | ​ | $ | —
Net proceeds from stock option exercises | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Income tax benefit from the exercise of stock options | ​ | $ | 2 | ​ | $ | — | ​ | $ | 2 | ​ | $ | —
​ The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​
​ | ​ | Shares of | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Restricted | ​ | Grant Date | ​ | Contractual | ​ | Intrinsic
​ |  | Stock |  | Fair Value |  | Term (Years) |  | Value*
Non-vested at December 31, 2020 |  | 72,490 | ​ | $ | 23.77 |  |  |  | ​ |
Issued |  | 36,325 | ​ | ​ | 24.00 |  |  |  | ​ |
Vested |  | (30,345) | ​ |  | 24.41 |  |  |  | ​ |
Non-vested at September 30, 2021 |  | 78,470 | ​ | $ | 23.11 |  | 3.0 | ​ | $ | 1,778,000
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on September 30, 2021 of $22.66 multiplied by the number of non-vested restricted shares outstanding.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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