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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

 

 

 

 

 

 

 

 

 

 

 

Wgtd. Avg.

 

 

 

 

 

 

 

 

 

 

Wgtd. Avg.

 

 

Remaining

 

Aggregate

 

 

 

 

 

 

 

Exercise

 

 

Contractual

 

Intrinsic

 

 

 

Options

 

 

Price

 

 

Term

 

Value

 

 

 

(Dollars in thousands, except per share data)

 

Six Months Ended June 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

 

1,029,657

 

 

$

36.55

 

 

 

 

 

 

 

Options granted

 

 

98,000

 

 

 

60.02

 

 

 

 

 

 

 

Options exercised

 

 

(57,250

)

 

 

23.64

 

 

 

 

 

 

 

Options canceled, forfeited, or expired

 

 

(22,500

)

 

 

37.14

 

 

 

 

 

 

 

Outstanding at June 30, 2015

 

 

1,047,907

 

 

 

39.44

 

 

8.88 Yr

 

$

27,260

 

Exercisable at June 30, 2015

 

 

475,682

 

 

 

31.54

 

 

5.21 Yr

 

$

16,131

 

 

Options Granted and Options Exercised Under Stock Option Plan

The following table has additional information regarding options granted and options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(Dollars in thousands)

 

Weighted average grant-date fair value per share of options granted

 

$

12.07

 

 

$

12.33

 

 

$

11.51

 

 

$

12.33

 

Total intrinsic value of options exercised

 

 

1,892

 

 

 

1,301

 

 

 

2,129

 

 

 

2,046

 

Cash received from options exercised

 

 

1,109

 

 

 

776

 

 

 

1,353

 

 

 

1,642

 

Tax benefit realized from options exercised

 

 

731

 

 

 

503

 

 

 

823

 

 

 

791

 

 

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(Dollars in thousands)

 

Stock-based compensation expense

 

$

290

 

 

$

429

 

 

$

754

 

 

$

776

 

Tax benefit

 

 

112

 

 

 

166

 

 

 

292

 

 

 

300

 

Stock-based compensation expense, net of tax

 

$

178

 

 

$

263

 

 

$

462

 

 

$

476

 

 

Remaining Fair Value of Stock Options

The Company will continue to amortize the remaining fair value of stock options over the remaining vesting period of approximately seven years.  The following table shows the remaining fair value of stock options:

 

 

 

June 30, 2015

 

 

 

(Dollars in thousands)

 

Fair value of stock options

 

$

4,459

 

 

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method during the periods presented:

 

 

 

Six Months Ended

June 30,

 

 

2015

 

2014

Risk-free interest rate

 

1.83 to 2.26%

 

2.54%

Dividend yield

 

2.00%

 

2.00%

Stock price volatility

 

18.23 to 19.22%

 

18.98%

Expected term

 

10 Yrs

 

10 Yrs