Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2003 Plan as of December 31, 2021, and changes during the year then ended, is presented below:

	Shares	Weighted– Average Exercise Price		Weighted– Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of year	4,050	$	7.49
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding, end of year	4,050	7.49		0.45	$	54,095
Exercisable, end of year	4,050	7.49		0.45	54,095

A summary of option activity under the 2013 Plan as of December 31, 2021, and changes during the year then ended, is presented below:

	Shares	Weighted– Average Exercise Price		Weighted– Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of year	305,362	$	12.52
Granted	—	—
Exercised	(104,484)	10.45
Forfeited	—	—
Outstanding, end of year	200,878	14.46		4.95	$	1,283,614
Exercisable, end of year	188,888	14.32		4.81	1,234,355

Fair Value of Options Granted

The fair value of options granted is estimated on the date of the grant using an option–pricing model with the following weighted–average assumptions:

	For the Year Ended December 31
	2019
Dividend yields	2.39	%
Volatility factors of expected market price of common stock	28.67	%
Risk-free interest rates	2.61	%
Expected life of options	8 years

Summary of Status of Non-vested, Restricted and Performance Shares

A summary of the status of Horizon’s non–vested restricted and performance shares as of December 31, 2021 are presented below:

	Shares	Weighted Average Grant Date Fair Value
Non–vested,beginning of year	334,890	$	13.90
Vested	(68,679)	20.21
Granted	161,823	18.91
Forfeited	(4,725)	14.48
Non–vested,end of year	423,309	14.78