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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
As of December 31, 2021 and 2020, the Company has 10,000,000 shares of preferred stock authorized, $0.0001 par value, of which none were issued or outstanding, respectively.
As of December 31, 2021 and 2020, the Company has 50,000,000 shares of common stock authorized, $0.0001 par value, of which 19,903,342 and 19,878,713 shares were issued and 18,346,288 and 18,321,659 shares were outstanding, respectively.
Treasury stock:
Activity in treasury stock is as follows for the years ended December 31,:
20212020
 SharesAmount SharesAmount
Balance, beginning of year1,557,054 $38,148 1,498,202 $36,706 
Purchases— — 63,844 1,564 
Issuances— — 4,992 122 
Balance, end of year1,557,054 $38,148 1,557,054 $38,148 
All purchases were in conjunction with the stock repurchase program that expired in 2020, and shares were held-in-treasury at $24.50 per share.
Dividends:
Dividends paid by the Company, if any, are substantially provided from Bank dividends. The Bank may declare dividends without prior regulatory approval that do not exceed the total of retained net income for the current year combined with its retained net income for the preceding two years, subject to maintenance of minimum capital requirements. The Bank did not declare or pay any dividends during 2021 or 2020. During 2019, the Bank received regulatory approval for a special dividend in excess of the prescribed formula, and paid dividends totaling $32,000 to the Parent Company. The Parent Company did not declare or pay any dividend in 2021, 2020 or 2019.
Equity Incentive Plan:
We have established the FirstSun Capital Bancorp 2017 Equity Incentive Plan (the 2017 Plan). The 2017 Plan provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 1,977,292 shares of FirstSun common stock in the aggregate. In addition, on October 18, 2021 we established the FirstSun Capital Bancorp 2021 Equity Incentive Plan (the 2021 Plan). The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants. The 2021 Plan allows for awards for up to 2,476,571 shares of FirstSun common stock in the aggregate. At December 31, 2021, no awards had been granted under the 2021 Plan.

Option awards are generally granted with an exercise price of not less than the fair value of a share of the Company’s common stock at the date of grant, they vest 25% on the first, second, third and fourth anniversaries following the date of grant and have 10 year contractual terms. The fair value of each stock option award is estimated on the date of grant utilizing the Black-Scholes option pricing model. Expected volatility was determined based on the median historical volatility of 25 to 30 comparable companies that were publicly traded for a period commensurate with the expected term of the options. The expected term of the options was estimated to be the average of the contractual vesting term and time to contractual expiration. The risk-free rate for the expected term of the stock options was based on the U.S. Treasury yield curve in effect at the date of grant.
A summary of the assumptions is as follows at December 31,:
202120202019
Expected volatility33.00 %33.00 %27.00 %
Expected term (in years)6.256.256.25
Expected dividends— %— %— %
Risk-free rate1.11 %0.49 %1.79 %
The following table presents a summary of stock option activity under the 2017 Plan, and changes during the years ended December 31,:
 SharesWeighted-Average Exercise Price, per ShareWeighted-Average Remaining Contractual Term (years)
2021
Outstanding, beginning of year1,428,940 $19.97 
Granted26,336 32.54 
Forfeited(42,376)20.33 
Outstanding, end of year1,412,900 $20.19 6.21
Options vested or expected to vest1,412,900 $20.19 
Options exercisable, end of year1,166,887 $19.89 5.88
2020
Outstanding, beginning of year1,444,757 $19.96 
Exercised(54,814)19.72 
Granted133,707 20.01 
Forfeited(94,710)20.13 
Outstanding, end of year1,428,940 $19.97 7.17
Options vested or expected to vest1,428,940 $19.97 
Options exercisable, end of year856,133 $19.88 6.80
For the years ended December 31, 2021, 2020 and 2019 we recorded total compensation cost of $2,998, $2,335 and $2,147, respectively, related to the Plan.
At December 31, 2021, there was $1,160 of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The unrecognized compensation cost at December 31, 2021 is expected to be recognized over the following 3.42 years. At December 31, 2021 and 2020, the intrinsic value of the stock options was $18,042 and $10,660, respectively.
On December 30, 2021, we issued restricted stock awards for 24,099 shares of common stock of the Company under the 2017 Plan. The stock issued was net of 13,822 shares of common stock withheld in connection with satisfaction of tax withholding obligations on vested restricted stock. The grant date fair value of the awards was $1,250 and the shares of restricted stock were fully vested upon issuance. Also on December 30, 2021, we issued a restricted stock award for 530 shares of common stock of the Company under the 2017 Plan. The grant date fair value of the award was $18. The restrictions on such shares vest in conjunction with our annual stockholders’ meeting in the second quarter of 2022.