Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Nine Months Ended September 30, 2020
Outstanding at December 31, 2019		1,257,730		$	32.70
Options granted		170,000			48.92
Options exercised		(42,900	)		19.27
Options canceled, forfeited, or expired		(139,000	)		51.75
Outstanding at September 30, 2020		1,245,830			33.25	8.74 Yrs	$	9,459
Exercisable at September 30, 2020		699,080			24.72	7.05 Yrs	$	11,267

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	414	$	87	$	1,140	$	991
Cash received from options exercised		323		99		827		710
Tax benefit realized from options exercised		105		22		290		252

Stock-based Employee Compensation Expense

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	433	$	347	$	1,265	$	888
Tax benefit		110		88		322		226
Stock-based compensation expense, net of tax	$	323	$	259	$	943	$	662

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:

	September 30, 2020
	(Dollars in thousands)
Unearned stock-based compensation expense	$	3,961

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:

	Nine Months Ended September 30,
	2020		2019
Weighted average grant-date fair value per share of options granted	$	11.70	$	13.31
Risk-free interest rate	0.64 to 1.13%		1.55 to 2.76%
Dividend yield	2.00%		2.00%
Stock price volatility	22.84 to 35.94%		22.93 to 23.63%
Expected term	10 Yrs		10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	September 30,		December 31,
	2020		2019
Accumulated stock units		152,150		143,362
Average price	$	28.13	$	27.17