Stock Incentive Plans (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
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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.
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2022 Plan |
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2014 Plan |
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2005 Plan |
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Aggregate shares issuable |
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150,000 |
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275,625 |
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253,575 |
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Options issued, net of forfeited and expired options |
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— |
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(170,106 |
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(59,870 |
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Unrestricted stock issued |
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— |
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(11,635 |
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— |
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Restricted stock grants issued, net of forfeited |
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— |
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(65,853 |
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— |
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Cancelled due to Plan expiration |
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— |
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— |
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(193,705 |
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Remaining available for grant |
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150,000 |
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28,031 |
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- |
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Stock grants issued and outstanding: |
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Total vested and unvested shares |
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— |
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77,488 |
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— |
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Fully vested shares |
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— |
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35,724 |
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— |
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Option grants issued and outstanding: |
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Total vested and unvested shares |
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— |
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166,901 |
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1,379 |
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Fully vested shares |
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— |
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87,548 |
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1,379 |
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Exercise price range |
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— |
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$23.75 to $42.62 |
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$13.69 |
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Summary of Stock Option Activity |
Changes in the stock options outstanding related to the Plans are summarized below (dollars in thousands except per share data):
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September 30, 2022 |
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Number of Options |
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Weighted Average Exercise Price |
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Aggregate Intrinsic Value |
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Outstanding at January 1, 2022 |
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169,280 |
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$ |
33.89 |
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$ |
962 |
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Issued |
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— |
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— |
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Exercised |
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(1,000 |
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(23.75 |
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Expired |
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— |
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— |
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Outstanding at September 30, 2022 |
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168,280 |
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$ |
33.95 |
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$ |
532 |
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Options exercisable at September 30, 2022 |
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88,927 |
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$ |
36.18 |
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$ |
223 |
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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.
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Options Outstanding |
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Options Exercisable |
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Exercise Price |
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Number of Options Outstanding |
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Weighted- Average Remaining Contractual Life |
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Weighted- Average Exercise Price |
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Number of Options Exercisable |
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Weighted- Average Exercise Price |
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$13.69 to $20.00 |
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1,379 |
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0.4 Years |
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$ |
13.69 |
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1,379 |
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$ |
13.69 |
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$20.01 to $30.00 |
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65,000 |
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7.8 Years |
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24.65 |
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25,400 |
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24.67 |
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$30.01 to $40.00 |
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44,420 |
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7.8 Years |
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36.97 |
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16,172 |
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37.87 |
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$40.01 to $42.62 |
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57,481 |
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5.6 Years |
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42.62 |
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45,976 |
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42.62 |
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Total |
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168,280 |
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7.0 Years |
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$ |
33.95 |
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88,927 |
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$ |
36.18 |
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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):
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September 30, 2022 |
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Number of Shares |
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Weighted Average Grant Date Fair Value Per Share |
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Aggregate Intrinsic Value |
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Nonvested as of January 1, 2022 |
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37,011 |
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$ |
28.98 |
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$ |
1,165 |
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Issued |
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18,536 |
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35.62 |
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601 |
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Vested |
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(13,183 |
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(29.04 |
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(392 |
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Forfeited |
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(600 |
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(33.74 |
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(19 |
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Nonvested at September 30, 2022 |
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41,764 |
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$ |
31.82 |
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$ |
1,355 |
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