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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2017
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 option data)

 

Nine Months Ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

1,414,900

 

 

$

22.46

 

 

 

 

 

 

 

Options granted

 

 

80,000

 

 

 

46.63

 

 

 

 

 

 

 

Options exercised

 

 

(231,275

)

 

 

17.78

 

 

 

 

 

 

 

Outstanding at September 30, 2017

 

 

1,263,625

 

 

 

24.84

 

 

9.72 Yrs

 

$

40,317

 

Exercisable at September 30, 2017

 

 

523,625

 

 

 

19.44

 

 

6.67 Yrs

 

$

19,539

 

 

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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Dollars in thousands except per share data)

 

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

 

$

11.63

 

 

$

7.00

 

 

$

11.21

 

 

$

5.96

 

Total intrinsic value of options exercised

 

 

1,493

 

 

 

5,063

 

 

 

7,138

 

 

 

6,733

 

Cash received from options exercised

 

 

856

 

 

 

3,859

 

 

 

4,113

 

 

 

5,735

 

Tax benefit realized from options exercised

 

 

578

 

 

 

1,958

 

 

 

2,761

 

 

 

2,604

 

 

Stock-based Employee Compensation Expense

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

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Dollars in thousands)

 

Stock-based compensation expense

 

$

354

 

 

$

365

 

 

$

819

 

 

$

1,266

 

Tax benefit

 

 

137

 

 

 

142

 

 

 

317

 

 

 

490

 

Stock-based compensation expense, net of tax

 

$

217

 

 

$

223

 

 

$

502

 

 

$

776

 

 

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years.  The following table shows the unearned stock-based compensation expense:

 

 

 

September 30, 2017

 

 

 

(Dollars in thousands)

 

Unearned stock-based compensation expense

 

$

2,968

 

 

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 on options granted during the periods presented:

 

 

 

Nine Months Ended

September 30,

 

 

2017

 

2016

Risk-free interest rate

 

2.15 to 2.38%

 

1.46 to 2.02%

Dividend yield

 

2.00%

 

2.00%

Stock price volatility

 

22.57 to 23.53%

 

20.41 to 21.78%

Expected term

 

10 Yrs

 

10 Yrs

 

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

 

 

September 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

Accumulated stock units

 

 

136,679

 

 

 

140,044

 

Average price

 

$

22.33

 

 

$

20.87