Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Three Months Ended March 31, 2022
Outstanding at December 31, 2021		1,303,250		$	40.90
Options granted		42,500			77.32
Options exercised		(116,292	)		25.71
Outstanding at March 31, 2022		1,229,458			43.59	8.39 Yrs	$	48,705
Exercisable at March 31, 2022		516,083			29.07	7.15 Yrs	$	27,941

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended March 31,
	2022		2021
	(Dollars in thousands)
Total intrinsic value of options exercised	$	5,964	$	7,303
Cash received from options exercised		2,989		3,966
Tax benefit realized from options exercised		1,434		1,860

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Three Months Ended March 31,
	2022		2021
	(Dollars in thousands)
Stock-based compensation expense	$	458	$	576
Tax benefit		110		147
Stock-based compensation expense, net of tax	$	348	$	429

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense:

	March 31, 2022
	(Dollars in thousands)
Unearned stock-based compensation expense	$	7,780

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Three Months Ended March 31,
	2022		2021
Weighted average grant-date fair value per share of options granted	$	26.21	$	23.80
Risk-free interest rate	1.75 to 2.14%		1.34 to1.64%
Dividend yield	2.00%		2.00%
Stock price volatility	34.61 to 34.69%		35.55 to 35.73%
Expected term	10 Yrs		10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	March 31,		December 31,
	2022		2021
Accumulated stock units		148,788		152,754
Average price	$	31.82	$	30.86