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Share-Based Plans | 12 Months Ended
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Dec. 31, 2021
Share-Based Plans |
Share-Based Plans | NOTE 16: Share-Based Plans ​ On April 16, 2013, the Corporation’s shareholders approved the C&F Financial Corporation 2013 Stock and Incentive Compensation Plan for the grant of equity awards to certain key employees of the Corporation, as well as non-employee directors (including non-employee regional or advisory directors). The plan authorizes the Corporation to issue equity awards in the form of stock options, tandem stock appreciation rights, restricted stock, restricted stock units and/or other stock-based awards. Since the plan’s approval, equity awards have only been issued in the form of restricted stock. ​ As permitted under the plan, the Corporation awards shares of restricted stock to certain key employees and non-employee directors. Restricted shares awarded to employees generally vest over periods up to five years, and restricted shares awarded to non-employee directors generally vest over three years. A summary of the activity for restricted stock awards for the periods indicated is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
​ |  | ​ |  | Weighted- |  | ​ |  | Weighted- |  | ​ |  | Weighted- |
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date | ​ | ​ | ​ | Grant Date |
​ | ​ | Shares | ​ | Fair Value | ​ | Shares | ​ | Fair Value | ​ | Shares | ​ | Fair Value |
Nonvested at beginning of year |  | 155,945 | ​ | $ | 48.52 |  | 142,020 | ​ | $ | 48.88 |  | 139,455 | ​ | $ | 45.75 | ​
Granted | ​ | 41,912 | ​ |  | 47.83 |  | 47,385 | ​ |  | 42.01 |  | 36,115 | ​ |  | 53.75 | ​
Vested |  | (51,305) | ​ |  | 48.11 |  | (30,550) | ​ |  | 39.84 |  | (32,155) | ​ |  | 40.69 | ​
Cancelled |  | (5,975) | ​ |  | 45.87 |  | (2,910) | ​ |  | 53.46 |  | (1,395) | ​ |  | 51.05 | ​
Nonvested at end of year |  | 140,577 | ​ | ​ | 48.57 |  | 155,945 | ​ | ​ | 48.52 |  | 142,020 | ​ | ​ | 48.88 | ​
​ ​ The fair value of shares that vested during the years ended December 31, 2021, 2020 and 2019 were $2.42 million, $1.37 million, and $1.72 million, respectively. Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense is charged to income ratably over the required service periods, and was $1.70 million ($1.16 million after income taxes) in 2021, $1.45 million ($981,000 after income taxes) in 2020 and $1.47 million ($932,000 after income taxes) in 2019. As of December 31, 2021, there was $3.76 million of total unrecognized compensation cost related to restricted stock granted under the plan. This amount is expected to be recognized through 2026.

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