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Stock-Based Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Status of Options Granted Under Long-Term Incentive Plan
The following is a summary of the Corporation's stock option activity and related information for the year ended December 31, 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 December 31, 2020
Outstanding at December 31, 2019508,111 $24.83 
Expired(2,000)28.33 
Forfeited(30,826)26.10 
Exercised(21,500)17.84 
Outstanding at December 31, 2020453,785 25.06 5.8$268 
Exercisable at December 31, 2020404,014 24.63 5.6268 
Summary of Nonvested Stock Options
The following is a summary of nonvested stock options at December 31, 2020 including changes during the year:
(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(7,359)6.48 
Nonvested stock options at December 31, 202049,771 6.46 
Aggregated Assumptions Used to Estimate Fair Value of Options Granted
The following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated. The Corporation did not issue stock options during the years ended December 31, 2020 and 2019.
For the Year Ended December 31,
2018
Expected option life in years6.6
Risk free interest rate2.80 %
Expected dividend yield2.81 %
Expected volatility27.15 %
Fair value of options$6.46
Summary of Nonvested Restricted Stock Awards and Units
In the following tables, 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 for restricted stock units and restricted stock awards. The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at December 31, 2020 including changes during the year:
(Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value
Nonvested share awards at December 31, 2019209,378 $26.76 
Granted (1)
262,844 19.00 
Vested(59,855)27.17 
Cancelled (2)
(106,663)23.39 
Nonvested share awards and units at December 31, 2020305,704 21.18 
(1) Includes the impact of modifications of 83,764 awards at a weighted average fair value of $19.80.
(2) Includes the impact of modifications of 83,764 awards at a weighted average fair value of $22.67.
Certain Information Regarding Restricted Stock Awards and Units
Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
For the Years Ended December 31,
(Dollars in thousands, except per share data)202020192018
Restricted stock awards and units granted262,844 114,729 59,953 
Weighted average grant date fair value$19.00 $25.65 $28.39 
Intrinsic value of awards granted$4,994 $3,072 $1,293 
Restricted stock awards and units vested59,855 44,807 97,201 
Weighted average grant date fair value$27.17 $21.65 $20.13 
Intrinsic value of awards vested$1,375 $1,119 $2,709 
Schedule of Unrecognized Compensation Cost, Nonvested Awards
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 December 31, 2020 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Stock options$62 0.2
Restricted stock awards and units4,072 1.7
$4,134 1.7
Compensation Expense Related to Stock Incentive Plans Recognized
The following table presents information related to the Corporation's compensation expense related to stock incentive plans recognized for the periods indicated:
For the Years Ended December 31,
(Dollars in thousands)202020192018
Stock-based compensation expense:
Stock options$338 $716 $1,020 
Restricted stock awards and units1,142 1,632 1,537 
Employee stock purchase plan88 74 68 
Total$1,568 $2,422 $2,625 
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$278 $518 $620