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Share-Based Plans

3 Months Ended

Mar. 31, 2024

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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​	​	​	​	​	​	​
​	​	2024
​		​		Weighted-
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	Shares	​	Fair Value
Unvested, December 31, 2023		135,694	​	$	52.13	​
Granted	​	11,775	​		52.93	​
Vested		(26,096)	​		47.74	​
Forfeited		(135)	​		58.42	​
Unvested, March 31, 2024		121,238	​	​	53.15	​

​

​	​	​	​	​	​	​
​	​	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	​

​

Share-based compensation expense, net of forfeitures, for the three months ended March 31, 2024 was $510,000 ($313,000 after tax) for restricted stock granted during 2019 through 2024. 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. As of March 31, 2024, there was $3.78 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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