XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Incentive Plan
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Incentive Plan Stock-Based Incentive Plan
The Corporation has a shareholder approved 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units.

Beginning in 2019, the Corporation issued to directors and employees (“grantees”) restricted stock units rather than restricted stock awards or stock options, which were issued to grantees in prior reporting periods. Restricted stock units differ from restricted stock awards in that Corporation stock is not issued to grantees at the date of the grant and the grantee does not have voting or dividend rights during the vesting period. In the following schedules, issued restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date and methodology for recording stock-based compensation expense is the same. 

The following is a summary of the Corporation's stock option activity and related information for the six months ended June 30, 2020:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at June 30, 2020
Outstanding at December 31, 2019508,111  $24.83  
Expired(2,000) 28.33  
Forfeited(19,018) 24.70  
Exercised(5,000) 18.70  
Outstanding at June 30, 2020482,093  24.88  6.2$4  
Exercisable at June 30, 2020428,615  24.43  6.04  
The following is a summary of nonvested stock options at June 30, 2020 including changes during the six months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value
Nonvested stock options at December 31, 2019163,261  $6.54  
Vested(106,131) 6.58  
Forfeited(3,652) 6.50  
Nonvested stock options at June 30, 202053,478  6.46  
The Corporation did not issue stock options during the six months ended June 30, 2020 or June 30, 2019.
The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at June 30, 2020 including changes during the six months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value
Nonvested stock awards and units at December 31, 2019209,378  $26.76  
Granted179,080  18.62  
Vested(59,855) 27.17  
Cancelled(20,993) 27.17  
Nonvested stock awards and units at June 30, 2020307,610  21.91  
Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
Six Months Ended June 30,
(Dollars in thousands, except per share data)20202019
Restricted stock awards and units granted179,080  113,729  
Weighted average grant date fair value$18.62  $25.66  
Intrinsic value of awards granted$3,335  $2,987  
Restricted stock awards and units vested59,855  32,965  
Weighted average grant date fair value$27.17  $21.86  
Intrinsic value of awards vested$1,375  $809  

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at June 30, 2020 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Stock options$225  0.7
Restricted stock awards and units4,688  2.2
$4,913  2.1
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Six Months Ended June 30,
(Dollars in thousands)20202019
Stock-based compensation expense:
Stock options$190  $378  
Restricted stock awards and units949  878  
Employee stock purchase plan44  36  
Total$1,183  $1,292  
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$243  $284