XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Incentive Plan
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2020
Outstanding at December 31, 2019508,111 $24.83 
Expired(2,000)28.33 
Forfeited(19,018)24.70 
Exercised(5,000)18.70 
Outstanding at September 30, 2020482,093 24.88 5.9$— 
Exercisable at September 30, 2020428,615 24.43 5.7— 
The following is a summary of nonvested stock options at September 30, 2020 including changes during the nine 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 September 30, 202053,478 6.46 
The Corporation did not issue stock options during the nine months ended September 30, 2020 or September 30, 2019.
The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2020 including changes during the nine 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 September 30, 2020307,610 21.91 
Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
Nine Months Ended September 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 $2,901 
Restricted stock awards and units vested59,855 44,807 
Weighted average grant date fair value$27.17 $21.65 
Intrinsic value of awards vested$1,375 $1,119 

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 September 30, 2020 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Stock options$147 0.5
Restricted stock awards and units4,058 2.0
$4,205 1.9
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands)20202019
Stock-based compensation expense:
Stock options$274 $546 
Restricted stock awards and units1,579 1,372 
Employee stock purchase plan65 54 
Total$1,918 $1,972 
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$375 $444