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Share-Based Plans

3 Months Ended

Mar. 31, 2023

Share-Based Plans

Share-Based Plans

NOTE 8: Share-Based Plans

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As permitted under the 2013 Stock and Incentive Compensation Plan and the 2022 Stock and Incentive Compensation Plan, the Corporation awards shares of restricted stock to certain key employees, non-employee directors and consultants. Restricted shares awarded to employees generally vest over periods up to five years, and restricted shares awarded to non-employee directors generally vest over periods up to three years.  A summary of the activity for restricted stock awards for the periods indicated is presented below:

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​	​	​	​	​	​	​
​	​	2023
​		​		Weighted-
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	Shares	​	Fair Value
Unvested, December 31, 2022		145,677	​	$	48.88	​
Granted	​	10,655	​		59.00	​
Vested		(19,408)	​		52.34	​
Forfeited		(1,170)	​		50.54	​
Unvested, March 31, 2023		135,754	​	​	49.16	​

​

​	​	​	​	​	​	​
​	​	2022				​
​		​		Weighted-		​
​	​	​	​	Average		​
​	​	​	​	Grant Date		​
​	​	Shares	​	Fair Value		​
Unvested, December 31, 2021		140,577	​	$	48.57	​
Granted		15,930	​		50.57	​
Vested		(14,270)	​		51.24	​
Forfeited		(2,200)	​		48.11	​
Unvested, March 31, 2022		140,037	​	​	48.57	​

​

Share-based compensation expense, net of forfeitures, for the three months ended March 31, 2023 was $474,000 ($296,000 after tax) for restricted stock granted during 2018 through 2023. Share-based compensation expense, net of forfeitures, for the three months ended March 31, 2022 was $511,000 ($365,000 after tax) for restricted stock granted during 2017 through 2022. As of March 31, 2023, there was $3.61 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over the remaining requisite service periods.

​

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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