Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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)
Year Ended December 31, 2020
Outstanding at December 31, 2019		1,257,730		$	32.70
Options granted		171,000			48.89
Options exercised		(76,650	)		20.53
Options canceled, forfeited, or expired		(9,000	)		58.26
Outstanding at December 31, 2020		1,343,080			35.28	8.61Yrs	$	31,453
Exercisable at December 31, 2020		710,330			25.06	6.94Yrs	$	23,894
Year Ended December 31, 2019
Outstanding at December 31, 2018		1,216,700		$	28.48
Options granted		178,500			56.87
Options exercised		(107,470	)		21.23
Options canceled, forfeited, or expired		(30,000	)		46.42
Outstanding at December 31, 2019		1,257,730			32.70	9.28Yrs	$	37,408
Exercisable at December 31, 2019		644,730			23.09	7.10Yrs	$	25,370

Options Exercised Under Stock Option Plan

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

	Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Total intrinsic value of options exercised	$	2,315	$	3,982	$	4,810
Cash received from options exercised		1,574		2,282		2,159
Tax benefit realized from options exercised		590		1,014		1,225

Stock-based Employee Compensation Expense

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

	Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Stock-based compensation expense	$	1,516	$	1,277	$	1,352
Tax benefit		386		325		345
Stock-based compensation expense, net of tax	$	1,130	$	952	$	1,007

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:

	December 31, 2020
	(Dollars in thousands)
Unearned stock-based compensation expense	$	4,888

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:

	Year Ended December 31,
	2020			2019			2018
Weighted average grant-date fair value per share of options granted	$	10.85		$	13.34		$	14.71
Risk-free interest rate	0.64 to 1.13%			1.55 to 2.76%			2.55 to 3.05%
Dividend yield		2.00	%		2.00	%		2.00	%
Stock price volatility	22.84 to 36.10%			22.93 to 23.63%			23.05 to 23.95%
Expected term	10 Yrs			10 Yrs			10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	December 31,
	2020		2019
Accumulated stock units		148,278		143,362
Average price	$	28.57	$	27.17