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Stock-Based Incentive Plan
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Incentive Plan Stock-Based Incentive Plan
The Corporation maintains the 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 three months ended March 31, 2021:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at March 31, 2021
Outstanding at December 31, 2020453,785 $25.06 
Forfeited(9,500)28.33 
Exercised(36,286)20.90 
Outstanding at March 31, 2021407,999 25.35 5.6$1,322 
Exercisable at March 31, 2021407,999 25.35 5.61,322 
The following is a summary of nonvested stock options at March 31, 2021 including changes during the three 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, 202049,771 $6.46 
Vested(49,771)6.46 
Nonvested stock options at March 31, 2021— — 
The Corporation did not issue stock options during the three months ended March 31, 2021 or March 31, 2020.
The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at March 31, 2021 including changes during the three 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, 2020305,704 $21.18 
Granted139,007 27.67 
Vested(85,731)22.68 
Cancelled(9,953)22.35 
Nonvested stock units at March 31, 2021349,027 23.37 

Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands, except per share data)20212020
Restricted stock units granted139,007 179,080 
Weighted average grant date fair value$27.67 $18.62 
Intrinsic value of units granted$3,847 $2,923 
Restricted stock awards and units vested85,731 57,355 
Weighted average grant date fair value$22.68 $27.23 
Intrinsic value of awards and units vested$2,354 $1,335 

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2021 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$6,925 2.3
$6,925 2.3
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands)20212020
Stock-based compensation expense:
Stock options$62 $108 
Restricted stock awards and units812 327 
Employee stock purchase plan23 20 
Total$897 $455 
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$33 $106