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Share Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Option Plan Share-Based Compensation
The Park National Corporation 2017 Long-Term Incentive Plan for Employees (the "2017 Employees LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At December 31, 2022, 375,000 common shares were available for future grants under the 2017 Employee LTIP.

The Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (the "2017 Non-Employee Directors LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards
and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At December 31, 2022, 75,000 common shares were available for future grants under the 2017 Non-Employee Directors LTIP.

During 2022, 2021 and 2020, Park granted 9,789, 13,400 and 13,450 common shares, respectively, to directors of Park and to directors of PNB (and its divisions) under the 2017 Non-Employee Directors LTIP. The common shares granted to directors were not subject to a vesting period and resulted in expense of $1.3 million, $1.7 million, and $1.3 million in 2022, 2021, and 2020, respectively, which is included in "Professional fees and services" on the Consolidated Statements of Income. 

During 2022, 2021 and 2020, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 52,335, 61,890 and 62,265 common shares, respectively, to certain employees of Park and its subsidiaries. As of December 31, 2022, Park had nonvested PBRSUs as well as TBRSUs. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria and will also be subject to subsequent service-based vesting. The number of TBRSUs earned or settled are subject to service-based vesting.

A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the years ended December 31, 2022 and 2021 follows:

Common shares subject to PBRSUs and TBRSUs
Nonvested at January 1, 2021204,108 
Granted61,890 
Vested(48,106)
Forfeited(3,522)
Adjustment for performance conditions of PBRSUs (1)
(2,551)
Nonvested at January 1, 2022211,819 
Granted52,335 
Vested(55,464)
Forfeited(8,406)
Adjustment for performance conditions of PBRSUs (1)
(634)
Nonvested at December 31, 2022 (2)
199,650 
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed.
(2) Nonvested amount herein represents the maximum number of nonvested PBRSUs and TBRSUs. As of December 31, 2022, an aggregate of 198,737 PBRSUs and TBRSUs are expected to vest.

A summary of awards that vested during the twelve months ended December 31, 2022 and 2021 follows:

Twelve Months Ended
December 31,
20222021
PBRSU and TBRSU vested55,46448,106
Common shares withheld to satisfy employee income tax withholding obligations21,21918,436
Net common shares issued34,245 29,670 
Share-based compensation expense of $5.9 million, $6.3 million and $6.0 million was recognized for the years ended December 31, 2022, 2021 and 2020, respectively, related to PBRSU and TBRSU awards to employees. The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs currently outstanding:

(In thousands)
2023$4,375 
20242,869 
20251,200 
2026193 
Total$8,637