Stock-Based Compensation (Tables)

The following table summarizes the changes to Peoples' stock options for the three months ended March 31, 2016:



	Number of Common Shares Subject to Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1	20,310	$	28.83
Expired	10,310	28.25
Outstanding at March 31	10,000	$	29.43	0.2 years	$	—
Exercisable at March 31	10,000	$	29.43	0.2 years	$	—

The following table summarizes the changes to Peoples' SARs for the three months ended March 31, 2016:



	Number of Common Shares Subject to SARs	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1	17,748	$	25.86
Forfeited	779	26.44
Outstanding at March 31	16,969	$	25.79	1.3 years	$	—
Exercisable at March 31	16,969	$	25.79	1.3 years	$	—

The following table summarizes the changes to Peoples’ restricted common shares for the three months ended March 31, 2016:



	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	30,734	$	21.76	158,763	$	22.86
Awarded	—	—		35,500	17.86
Released	—	—		41,028	21.74
Forfeited	2,000	21.92		810	23.44
Outstanding at March 31	28,734	$	21.75	152,425	$	21.99

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



	Three Months Ended
	March 31,
(Dollars in thousands)	2016			2015
Total stock-based compensation	$	338		$	565
Recognized tax benefit	(118		)	(198		)
Net expense recognized	$	220		$	367

The following table summarizes Peoples’ stock options outstanding at March 31, 2016:



			Options Outstanding & Exercisable
Range of Exercise Prices			Common Shares Subject to Options Outstanding & Exercisable	Weighted-Average Remaining Contractual Life	Weighted-Average Exercise Price
$28.57	to	$30.00	10,000	0.2 years	$	29.43
Total			10,000	0.2 years	$	29.43

The following table summarizes Peoples’ SARs outstanding at March 31, 2016:



Exercise Price	Number of Common Shares Subject to SARs Outstanding & Exercisable	Weighted- Average Remaining Contractual Life
$23.26	2,000	1.3 years
$23.77	8,541	1.7 years
$29.25	6,428	0.8 years
Total	16,969	1.3 years