Share-Based Compensation Plans

6 Months Ended

Jun. 30, 2023

10. Share-Based Compensation Plans

During the three and six months ended June 30, 2023, we recognized $337,000 and $675,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2018 through 2022. During the three and six months ended June 30, 2022, we recognized $469,000 and $818,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021.

The following table summarizes our stock option activity for the six-month period ended June 30, 2023:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2022	1,345,369	$	25.83
Granted	—	$	—
Exercised	(333,009)	$	25.40
Forfeited or expired	(3,720)	$	27.50
Outstanding at June 30, 2023	1,008,640	$	25.97	6.1	$	2,484,000
Exercisable at June 30, 2023	558,104	$	26.92	4.7	$	1,106,000

*The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our common stock on June 30, 2023 of $26.69 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes our restricted stock award activity for the six-month period ended June 30, 2023:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2022	71,808	$	24.67
Issued	—		—
Vested	(150)		28.77
Forfeited	(775)		26.49
Non-vested at June 30, 2023	70,883	$	24.64	2.2	$	1,892,000

*The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our common stock on June 30, 2023 of $26.69 multiplied by the number of non-vested restricted shares outstanding.