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Share-Based Plans

9 Months Ended

Sep. 30, 2023

Share-Based Plans

Share-Based Plans

NOTE 7: Share-Based Plans

​

As permitted under the 2022 Stock and Incentive Compensation Plan, and previously under the 2013 Stock and Incentive Compensation Plan until April 19, 2022, 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	​	18,540	​		57.32	​
Vested		(30,043)	​		51.53	​
Forfeited		(3,545)	​		49.37	​
Unvested, September 30, 2023		130,629	​	​	55.36	​

​

​	​	​	​	​	​	​
​	​	2022				​
​		​		Weighted-		​
​	​	​	​	Average		​
​	​	​	​	Grant Date		​
​	​	Shares	​	Fair Value		​
Unvested, December 31, 2021		140,577	​	$	48.57	​
Granted		16,430	​		50.56	​
Vested		(15,920)	​		50.95	​
Forfeited		(2,930)	​		48.23	​
Unvested, September 30, 2022		138,157	​	​	48.54	​

​

Share-based compensation expense, net of forfeitures, for the three and nine months ended September 30, 2023 was $581,000 ($412,000 after tax) and $1.51 million ($1.02 million after tax), respectively, for restricted stock granted during 2018 through 2023. Share-based compensation expense, net of forfeitures, for the three and nine months ended September 30, 2022 was $524,000 ($375,000 after tax) and $1.53 million ($1.09 million after tax), respectively, for restricted stock granted during 2017 through 2022. As of September 30, 2023, there was $2.90 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.

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