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Share-Based Plans

6 Months Ended

Jun. 30, 2025

Share-Based Plans

Share-Based Plans

NOTE 7: Share-Based Plans

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Under the 2022 Stock and Incentive Compensation Plan the Corporation is permitted to award, and previously under the 2013 Stock and Incentive Compensation Plan until April 19, 2022, the Corporation was permitted to award, 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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​	​	​	​	​	​	​
​	​	2025
​		​		Weighted-
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	Shares	​	Fair Value
Unvested, December 31, 2024		119,778	​	$	54.56	​
Granted	​	12,800	​		76.99	​
Vested		(19,975)	​		47.54	​
Forfeited		(4,105)	​		57.77	​
Unvested, June 30, 2025		108,498	​	​	58.38	​

​

​	​	​	​	​	​	​
​	​	2024				​
​		​		Weighted-		​
​	​	​	​	Average		​
​	​	​	​	Grant Date		​
​	​	Shares	​	Fair Value		​
Unvested, December 31, 2023		135,694	​	$	52.13	​
Granted		17,775	​		45.75	​
Vested		(31,681)	​		49.08	​
Forfeited		(1,400)	​		53.60	​
Unvested, June 30, 2024		120,388	​	​	52.12	​

​

The fair value of shares that vested during the three and six months ended June 30, 2025 were $430,000 and $1.45 million, respectively, and were $199,000 and $1.66 million, respectively, during the three and six months ended June 30, 2024. Compensation is accounted for using the fair value of the Corporation’s common stock on the date the restricted shares are awarded. Compensation expense, net of forfeitures, is charged to income ratably over the required service periods and was $456,000 ($316,000 after income taxes) and $916,000 ($587,000 after income taxes) for the three and six months ended June 30, 2025, respectively. Compensation expense, net of forfeitures, was $463,000 ($354,000 after income taxes) and $973,000 ($667,000 after income taxes) for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, there was $3.48 million of total unrecognized compensation cost related to restricted stock granted under the plans, which is expected to be recognized through 2029, with a weighted-average remaining service period of 2.6 years.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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