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Share-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-Based Compensation Plans

Schedule of Company's stock option activity

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.

Schedule of Company's stock option exercise activity

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	​	$	—

Schedule of Company's restricted stock award

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.

X

- Definition

Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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