Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Shares Issued and Fair Value of RSAs, RSUs and PRSUs

During the three and six months ended June 30, 2021, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan (the “2017 Plan”).  RSAs time-vest either over a three-year or five-year period. RSUs vest over a three-year-period. The fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the applicable grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of restricted stock units do not participate in the rewards of stock ownership of the Company until vested.

For the three months ended June 30, 2021
		Weighted-Average
Shares Granted		Fair Value at Grant Date		Type of Award
	925	$	87.00	RSAs
	173	$	87.00	RSUs
For the six months ended June 30, 2021
		Weighted-Average
Shares Granted		Fair Value at Grant Date		Type of Award
	12,782	$	77.51	RSAs
	7,464	$	77.01	RSUs

Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits

The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, PRSUs, and the related tax benefits recognized:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(dollars in thousands)
Stock based compensation expense	$	1,138	$	1,331	$	2,513	$	2,311
Related tax benefits	$	318	$	372	$	702	$	645

Performance-Based Restricted Stock Units

Schedule of Shares Issued and Fair Value of RSAs, RSUs and PRSUs

During the three and six months ended June 30, 2021, the Company granted the following PRSUs from the 2017 Plan. PRSUs are subject to a three year performance period and are earned based on operating return on assets and operating diluted earnings per share growth performance as compared to the Company’s established comparator index as defined in the Company’s 2021 Proxy Statement filed with the Securities and Exchange Commission on March 17, 2021.  

For the three months ended June 30, 2021
		Weighted-Average
Shares Granted		Fair Value at Grant Date		Type of Award
	531	$	87.00	PRSUs
For the six months ended June 30, 2021
		Weighted-Average
Shares Granted		Fair Value at Grant Date		Type of Award
	23,639	$	77.00	PRSUs