Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations is as follows:


	For the Years Ended December 31,
	2019		2018		2017
Basic Earnings Per Share
Net income (dollars in thousands)	$	35,961	$	29,677	$	19,539
Weighted average shares outstanding		15,311,113		15,261,794		14,172,196
Basic earnings per share	$	2.35	$	1.94	$	1.38

Diluted Earnings Per Share
Net income (dollars in thousands)	$	35,961	$	29,677	$	19,539
Weighted average shares outstanding		15,311,113		15,261,794		14,172,196
Effect of dilutive stock options		125,998		170,326		185,586
Weighted average shares outstanding		15,437,111		15,432,120		14,357,782
Diluted earnings per share	$	2.33	$	1.92	$	1.36

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the Company’s stock option activity follows (shares in thousands, except exercise price):


	2019					2018			2017
	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Outstanding,
beginning of year	453	$	18.45			455	$	16.33	467	$	14.12
Exercised	(83)	$	13.07			(77)	$	14.67	(70)	$	12.42
Granted	102	$	26.97			84	$	27.35	91	$	28.21
Canceled	(14)	$	26.77			(9)	$	26.73	(33)	$	26.41
Outstanding, end of year	458	$	21.08	$	3,684	453	$	18.45	455	$	16.33
Exercisable, end of year (2)	322	$	18.89	$	3,297	330	$	15.77	400	$	15.57

⁽¹⁾

The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2019. This amount changes based on changes in the market value of the Company’s stock.

⁽²⁾

The weighted average remaining contractual life of stock options outstanding and exercisable on December 31, 2019 was 6.1 years and 5.1 years, respectively.

Schedule of Options Indexed to Issuer Equity

Information related to stock options during each year follows:


	2019		2018		2017
Weighted-average grant-date fair value per share	$	6.60	$	5.94	$	6.13
Total intrinsic value of stock options exercised	$	1,150,000	$	988,000	$	1,042,000
Total fair value of stock options vested	$	438,000	$	55,000	$	494,000

- Definition

Tabular disclosure of the freestanding option contracts issued by an entity that are indexed to, and potentially settled in, an entity's own stock. Includes disclosure on the strike price and the number of shares to which the contract is indexed, the settlement date or dates of the contract, and the issuer's accounting for the contract. If the terms of the contract provide settlement alternatives, those settlement alternatives are disclosed, including who controls the settlement alternatives, and the maximum number of shares that could be required to be issued, to net share settle the contract, if applicable. If a contract does not have a fixed or determinable maximum number of shares that could be required to be issued, the fact that a potentially infinite number of shares that may be required to be issued to settle the contract is disclosed. Disclosure also includes the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.

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