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Stock-Based Incentive Plan
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-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 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, 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.

Under the Amended and Restated Univest 2013 Long-Term Incentive Plan, the Corporation may grant up to 3,706,946 options and restricted stock awards and units to employees and non-employee directors. The number of shares of common stock available for issuance under the plan is subject to adjustment, as described in the plan. This includes, in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure affecting the stock, substitution or adjustment in the aggregate number of shares reserved for issuance under the plan, in the number and option price of shares subject to outstanding options granted under the plan and in the number and price of shares subject to other awards, as described in the plan. The plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years. There were 2,379,610 share awards available for future grants at December 31, 2021 under the plan. At December 31, 2021, there were 351,252 options to purchase common stock and 358,134 unvested restricted stock awards and units outstanding under the plan.
The following is a summary of the Corporation's stock option activity and related information for the year ended December 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 December 31, 2021
Outstanding at December 31, 2020453,785 $25.06 
Forfeited(9,500)28.33 
Exercised(93,033)22.13 
Outstanding at December 31, 2021351,252 25.74 5.0$1,467 
Exercisable at December 31, 2021351,252 25.74 5.01,467 

The following is a summary of nonvested stock options at December 31, 2021 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, 202049,771 $6.46 
Vested(49,771)6.46 
Nonvested stock options at December 31, 2021— — 

The Corporation's estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee turnover. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury strip rate in effect at the time of grant. Expected dividend yield is calculated based on the most recently declared quarterly dividend, multiplied by four, over the exercise price. Expected volatility is based on the historical volatility of the Corporation's stock over the expected life of the grant.

The Corporation did not issue stock options during the years ended December 31, 2021, 2020 or 2019.

In the following tables, restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date, which is the closing price of the Corporation's common stock on the date of grant, 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, 2021 including changes during the year:
(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 
Granted155,607 27.81 
Vested(87,075)22.71 
Cancelled/forfeited(16,102)22.95 
Nonvested stock units at December 31, 2021358,134 23.61 

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)202120202019
Restricted stock units granted155,607 262,844 114,729 
Weighted average grant date fair value$27.81 $19.00 $25.65 
Intrinsic value of units granted$4,328 $4,994 $3,072 
Restricted stock awards and units vested87,075 59,855 44,807 
Weighted average grant date fair value$22.71 $27.17 $21.65 
Intrinsic value of awards and units vested$2,391 $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 restricted stock units at December 31, 2021 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$4,538 1.8

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)202120202019
Stock-based compensation expense:
Stock options$62 $338 $716 
Restricted stock awards and units3,636 1,142 1,632 
Employee stock purchase plan91 88 74 
Total$3,789 $1,568 $2,422 
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$551 $278 $518 
There were no significant modifications or accelerations to options, restricted stock awards or restricted stock units during the period 2019 through 2021.