XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Stock-Based Incentive Plan
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Share-Based Incentive Plan Stock-Based Incentive PlanThe Corporation maintains the 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units.
The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2022:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at March 31, 2022
Outstanding at December 31, 2021351,252 $25.74 
Expired(1,500)14.80 
Forfeited(3,000)28.33 
Exercised(25,781)22.33 
Outstanding at March 31, 2022320,971 26.05 4.8$610 
Exercisable at March 31, 2022320,971 26.05 4.8610 
The Corporation did not issue stock options during the three months ended March 31, 2022 or March 31, 2021.
The following is a summary of nonvested restricted stock units at March 31, 2022 including changes during the three months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2021358,134 $23.61 
Granted164,319 28.36 
Cancelled by performance factor(555)23.18 
Vested(118,834)23.29 
Forfeited(1,864)25.17 
Nonvested stock units at March 31, 2022401,200 $25.61 

Certain information regarding restricted stock units is summarized below for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands, except per share data)20222021
Restricted stock units granted164,319 139,007 
Weighted average grant date fair value$28.36 $27.67 
Intrinsic value of units granted$4,660 $3,847 
Restricted stock units vested118,834 85,731 
Weighted average grant date fair value$23.29 $22.68 
Intrinsic value of units vested$3,377 $2,354 

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2022 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$8,241 2.3
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands)20222021
Stock-based compensation expense:
Stock options$— $62 
Restricted stock units934 812 
Employee stock purchase plan25 23 
Total$959 $897 
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options$1 $33