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Stock Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Shares Issued and Available Under Each Plans

A summary of the shares issued and available under each of the Plans is shown below as of September 30, 2022. Share data and exercise price range per share have been adjusted to reflect prior issued stock dividends. Although the 2005 Plan has expired and no new grants will be issued under this plan, there were options issued before the plan expired that are still outstanding as shown below. No grants have been issued under the 2022 Plan.

 

 

 

2022 Plan

 

 

2014 Plan

 

 

2005 Plan

 

Aggregate shares issuable

 

 

150,000

 

 

 

275,625

 

 

 

253,575

 

Options issued, net of forfeited and expired
   options

 

 

 

 

 

(170,106

)

 

 

(59,870

)

Unrestricted stock issued

 

 

 

 

 

(11,635

)

 

 

 

Restricted stock grants issued, net of forfeited

 

 

 

 

 

(65,853

)

 

 

 

Cancelled due to Plan expiration

 

 

 

 

 

 

 

 

(193,705

)

Remaining available for grant

 

 

150,000

 

 

 

28,031

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Stock grants issued and outstanding:

 

 

 

 

 

 

 

 

 

Total vested and unvested shares

 

 

 

 

 

77,488

 

 

 

 

Fully vested shares

 

 

 

 

 

35,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Option grants issued and outstanding:

 

 

 

 

 

 

 

 

 

Total vested and unvested shares

 

 

 

 

 

166,901

 

 

 

1,379

 

Fully vested shares

 

 

 

 

 

87,548

 

 

 

1,379

 

 

 

 

 

 

 

 

 

 

 

Exercise price range

 

 

 

 

$23.75 to $42.62

 

 

$13.69

 

Summary of Stock Option Activity

Changes in the stock options outstanding related to the Plans are summarized below (dollars in thousands except per share data):

 

 

 

September 30, 2022

 

 

 

Number of Options

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2022

 

 

169,280

 

 

$

33.89

 

 

$

962

 

Issued

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,000

)

 

 

(23.75

)

 

 

 

Expired

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

168,280

 

 

$

33.95

 

 

$

532

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at September 30, 2022

 

 

88,927

 

 

$

36.18

 

 

$

223

 

Schedule of Options Outstanding and Exercisable, by Exercise Price Range

Summary information pertaining to options outstanding at September 30, 2022 is shown below. Share and per share data have been adjusted to reflect the prior stock dividends issued.

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Remaining
Contractual Life

 

Weighted-
Average
Exercise
Price

 

 

Number of
Options
Exercisable

 

 

Weighted-
Average
Exercise
Price

 

$13.69 to $20.00

 

 

1,379

 

 

0.4 Years

 

$

13.69

 

 

 

1,379

 

 

$

13.69

 

$20.01 to $30.00

 

 

65,000

 

 

7.8 Years

 

 

24.65

 

 

 

25,400

 

 

 

24.67

 

$30.01 to $40.00

 

 

44,420

 

 

7.8 Years

 

 

36.97

 

 

 

16,172

 

 

 

37.87

 

$40.01 to $42.62

 

 

57,481

 

 

5.6 Years

 

 

42.62

 

 

 

45,976

 

 

 

42.62

 

Total

 

 

168,280

 

 

7.0 Years

 

$

33.95

 

 

 

88,927

 

 

$

36.18

 

Summary of Changes in the Restricted Stock Grants Outstanding

Changes in the restricted stock grants outstanding during the nine months ended September 30, 2022 are summarized below (dollars in thousands except per share data):

 

 

September 30, 2022

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

 

Aggregate
Intrinsic Value

 

Nonvested as of January 1, 2022

 

 

37,011

 

 

$

28.98

 

 

$

1,165

 

Issued

 

 

18,536

 

 

 

35.62

 

 

601

 

Vested

 

 

(13,183

)

 

 

(29.04

)

 

 

(392

)

Forfeited

 

 

(600

)

 

 

(33.74

)

 

 

(19

)

Nonvested at September 30, 2022

 

 

41,764

 

 

$

31.82

 

 

$

1,355