Stock-Based Compensation (Tables)

The following table summarizes the changes to Peoples' stock options for the nine months ended September 30, 2015:



	Number of Common Shares Subject to Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1	38,577	$	28.09
Expired	17,000	27.19
Outstanding at September 30	21,577	$	28.80	0.5	$	—
Exercisable at September 30	21,577	$	28.80	0.5	$	—

The following table summarizes the changes to Peoples' SARs for the nine months ended September 30, 2015:



	Number of Common Shares Subject to SARs	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1	21,292	$	25.96
Outstanding at September 30	19,422	$	25.93	1.6	$	—
Exercisable at September 30	19,422	$	25.93	1.6	$	—

The following table summarizes the changes to Peoples’ restricted common shares for the nine months ended September 30, 2015:



	Time-Based Vesting			Performance-Based Vesting
	Number of Common Shares	Weighted-Average Grant Date Fair Value		Number of Common Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1	47,591	$	19.48	125,079	$	21.73
Awarded	9,600	22.41		108,411	23.62
Released	24,045	15.78		49,058	21.74
Forfeited	500	15.64		8,506	22.49
Outstanding at September 30	32,646	$	23.12	175,926	$	22.86

The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2015			2014			2015			2014
Total stock-based compensation	$	405		$	428		$	1,432		$	1,382
Recognized tax benefit	(142		)	(150		)	(501		)	(484		)
Net expense recognized	$	263		$	278		$	931		$	898

The following table summarizes Peoples’ stock options outstanding at September 30, 2015:



			Options Outstanding & Exercisable
Range of Exercise Prices			Common Shares Subject to Options Outstanding & Exercisable	Weighted-Average Remaining Contractual Life	Weighted-Average Exercise Price
$28.25			11,577	0.3 years	28.25
$28.56	to	$30.00	10,000	0.7 years	29.43
Total			21,577	0.5 years	$	28.80

The following table summarizes Peoples’ SARs outstanding at September 30, 2015:



Exercise Price	Number of Common Shares Subject to SARs Outstanding & Exercisable	Weighted- Average Remaining Contractual Life
$23.26	2,000	1.8
$23.77	9,582	2.0
$29.25	7,840	1.1
Total	19,422	1.6