Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2022

11. Share-Based Compensation Plans

During the three months ended March 31, 2022, the Company recognized $350,000 of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021. During the three months ended March 31, 2021, the Company recognized $545,000 of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2020.

The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2022:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2021	1,279,833	$	25.44
Granted	—		—
Exercised	(500)		18.00
Forfeited or expired	(5,740)		22.82
Outstanding at March 31, 2022	1,273,593	$	25.46	5.4	$	1,530,000
Exercisable at March 31, 2022	767,622	$	26.59	3.5	$	336,000

* 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 March 31, 2022 of $24.72 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2022:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2021	78,470	$	23.11
Issued	—		—
Vested	(150)		28.77
Forfeited	—		—
Non-vested at March 31, 2022	78,320	$	23.10	2.5	$	1,936,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2022 of $24.72 multiplied by the number of non-vested restricted shares outstanding.