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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Outstanding

A summary of the Company’s outstanding RSUs is presented below:

Shares

Weighted-Average

Grant-Date

Fair Value

Per Share

Units outstanding and unearned at January 1, 2019

73,880

$

16.87

RSUs granted during 2019

57,100

15.81

RSUs earned during 2019

(34,440

)

16.24

Units outstanding and unearned at December 31, 2019

96,540

16.47

 

RSUs granted during 2020

66,000

14.27

RSUs earned during 2020

(46,760

)

16.33

Units outstanding and unearned at December 31, 2020

115,780

15.27

 

RSUs granted during 2021

58,700

18.76

RSUs earned during 2021

(66,100

)

15.77

Units outstanding and unearned at December 31, 2021

108,380

$

16.86

Schedule of RSU activity

The following table shows the impact of RSU activity to the Company’s financial results:

Year Ended December 31,

2021

2020

2019

RSU compensation expense

$

1,065

$

1,035

$

792

Income tax benefit

(242

)

(217

)

(166

)

RSU compensation expense, net of income taxes

$

823

$

818

$

626

 

Total grant-date fair value of vested RSUs at end of period

$

1,042

$

764

$

568

Schedule of Performance Stock Outstanding

A summary of the Company’s outstanding PSUs is presented below:

Performance Share

Units

Weighted-Average Grant-Date

Fair Value

Per Share

Units outstanding and unearned at January 1, 2019

48,600

$

16.25

PSUs granted during 2019 (at target)

62,400

15.21

Units outstanding and unearned at December 31, 2019

111,000

15.27

 

PSUs granted during 2020 (at target)

63,600

14.26

Units outstanding and unearned at December 31, 2020

174,600

15.15

 

PSUs granted during 2021 (at target)

64,600

18.64

PSUs earned during 2021

(70,363

)

16.25

Performance adjustment (1)

24,300

16.25

Forfeitures

(2,537

)

16.25

Units outstanding and unearned at December 31, 2021

190,600

$

16.06

 

(1) Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.

Schedule of PSU activity

The following table shows the impact of PSU activity to the Company’s financial results:

Year Ended December 31,

2021

2020

2019

PSU compensation expense

$

1,344

$

1,262

$

822

Income tax benefit

(305

)

(265

)

(173

)

PSU compensation expense, net of income taxes

$

1,039

$

997

$

649

 

Total grant-date fair value of vested PSUs at end of period

$

1,143

$

-

$

-