Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Three Months Ended March 31, 2024
Outstanding at December 31, 2023		1,241,391		$	53.12
Options exercised		(28,638	)		24.73
Options canceled, forfeited, or expired		(8,500	)		94.68
Outstanding at March 31, 2024		1,204,253			53.50	9.56 Yrs.	$	41,580
Exercisable at March 31, 2024		542,253			36.58	6.65 Yrs.	$	27,898

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Total intrinsic value of options exercised	$	1,831	$	352
Cash received from options exercised		708		221
Tax benefit realized from options exercised		440		85

Stock-based Employee Compensation Expense

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Stock-based compensation expense	$	715	$	382
Tax benefit		172		92
Stock-based compensation expense, net of tax	$	543	$	290

The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:

Unearned Stock-based Compensation Expense

	March 31, 2024
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	9,454
Unearned stock-based compensation expense for unvested RSU's		3,010

Summary of Accumulated Stock Units

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

	March 31, 2024		December 31, 2023
Accumulated stock units		116,816		119,575
Average price	$	41.58	$	40.03

Summary of Activity Under RSU Plan

The following table is a summary of the activity under the Company's RSU plan.

				Wgtd. Avg.
	Restricted			Grant Date
	Stock Units			Fair Value
Three Months Ended March 31, 2024
Nonvested at December 31, 2023		32,075		$	87.23
Granted		6,500			88.49
Forfeited		(1,500	)		83.61
Nonvested at March 31, 2024		37,075			87.59