Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2023

10. Share-Based Compensation Plans

During the three months ended March 31, 2023, we recognized $338,000 of compensation expense associated with stock option and restricted stock awards granted in years 2018 through 2022. During the three months ended March 31, 2022, we recognized $350,000 of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021.

The following table summarizes our stock option activity for the three-month period ended March 31, 2023:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2022	1,345,369	$	25.83
Granted	—		—
Exercised	(2,100)		18.00
Forfeited or expired	(1,020)		29.65
Outstanding at March 31, 2023	1,342,249	$	25.84	5.0	$	1,759,000
Exercisable at March 31, 2023	889,013	$	26.37	3.4	$	780,000

^*The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our Company’s common stock on March 31, 2023 of $25.30 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes our restricted stock award activity for the three-month period ended March 31, 2023:


				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2022	71,808	$	24.67
Issued	—		—
Vested	(150)		28.77
Forfeited	-		—
Non-vested at March 31, 2023	71,658	$	24.66	2.4	$	1,813,000

*The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our Company’s common stock on March 31, 2023 of $25.30 multiplied by the number of non-vested restricted shares outstanding.