Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
Outstanding at December 31, 2022		1,310,290		$	52.51
Options exercised		(6,541	)		33.72
Options canceled, forfeited, or expired		(7,500	)		87.62
Outstanding at March 31, 2023		1,296,249			52.40	10.37 Yrs.	$	39,796
Exercisable at March 31, 2023		500,499			31.48	6.69 Yrs.	$	25,833

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,
	2023		2022
	(Dollars in thousands)
Total intrinsic value of options exercised	$	352	$	5,964
Cash received from options exercised		221		2,989
Tax benefit realized from options exercised		85		1,434

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,
	2023		2022
	(Dollars in thousands)
Stock-based compensation expense	$	382	$	458
Tax benefit		92		110
Stock-based compensation expense, net of tax	$	290	$	348

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, 2023
	(Dollars in thousands)
Unearned stock-based compensation expense	$	12,318

No stock options were granted during the three months ended March 31, 2023.

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,
	2023		2022
Weighted average grant-date fair value per share of options granted	$	—	$	26.21
Risk-free interest rate		—	1.75 to 2.14%
Dividend yield		—	2.00%
Stock price volatility		—	34.61 to 34.69%
Expected term		—	10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	March 31,		December 31,
	2023		2022
Accumulated stock units		114,070		129,609
Average price	$	37.40	$	34.91