Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2003 Plan as of December 31, 2020, and changes during the year then ended, is presented below:

	Shares	Weighted– Average Exercise Price		Weighted– Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of year	12,675	$	5.42
Granted	—	—
Exercised	(8,625)	4.45
Forfeited	—	—
Outstanding, end of year	4,050	7.49		1.45	$	33,885
Exercisable, end of year	4,050	7.49		1.45	33,885

A summary of option activity under the 2013 Plan as of December 31, 2020, and changes during the year then ended, is presented below:

	Shares	Weighted– Average Exercise Price		Weighted– Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of year	316,777	$	12.99
Granted	—	—
Exercised	(11,415)	10.38
Forfeited	—	—
Outstanding, end of year	305,362	13.09		5.38	$	846,973
Exercisable, end of year	271,763	12.52		5.06	908,827

Fair Value of Options Granted

The fair value of options granted is estimated on the date of the grant using an option–pricing model with the following weighted–average assumptions:

	Years Ended December 31
	2019		2018
Dividend yields	2.39	%	1.99	%
Volatility factors of expected market price of common stock	28.67	%	28.60	%
Risk-free interest rates	2.61	%	2.85	%
Expected life of options	8 years		8 years

Summary of Status of Non-vested, Restricted and Performance Shares

A summary of the status of Horizon’s non–vested restricted and performance shares as of December 31, 2020 are presented below:

	Shares	Weighted Average Grant Date Fair Value
Non–vested,beginning of year	213,569	$	17.97
Vested	(55,177)	16.97
Granted	182,702	10.22
Forfeited	(6,204)	18.51
Non–vested,end of year	334,890	13.90