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Note 5 - Equity Incentive Plan

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Text Block]

Note 5. Equity Incentive Plans

In April 2009, the Company’s shareholders approved the Wilson Bank Holding Company 2009 Stock Option Plan (the “2009 Stock Option Plan”). The 2009 Stock Option Plan was effective as of April 14, 2009. Under the 2009 Stock Option Plan, awards could be in the form of options to acquire common stock of the Company. Subject to adjustment as provided by the terms of the 2009 Stock Option Plan, the maximum number of shares of common stock with respect to which awards could be granted under the 2009 Stock Option Plan was 100,000 shares. The 2009 Stock Option Plan terminated on April 13, 2019, and no additional awards may be issued under the 2009 Stock Option Plan. The awards granted under the 2009 Stock Option Plan prior to the plan's expiration will remain outstanding until exercised or otherwise terminated. As of March 31, 2021, the Company had outstanding 10,989 options under the 2009 Stock Option Plan with a weighted average exercise price of $34.34.

During the second quarter of 2016, the Company’s shareholders approved the Wilson Bank Holding Company 2016 Equity Incentive Plan, which authorizes awards of up to 750,000 shares of common stock. The 2016 Equity Incentive Plan was approved by the Board of Directors and effective as of January 25, 2016 and approved by the Company’s shareholders on April 12, 2016. On September 26, 2016, the Board of Directors approved an amendment and restatement of the 2016 Equity Incentive Plan (as amended and restated the “2016 Equity Incentive Plan”) to make clear that directors who are not also employees of the Company may be awarded stock appreciation rights. The primary purpose of the 2016 Equity Incentive Plan is to promote the interest of the Company and its shareholders by, among other things, (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its subsidiaries and affiliates, (ii) motivating those individuals by means of performance-related incentives to achieve long-range performance goals, (iii) enabling such individuals to participate in the long-term growth and financial success of the Company, (iv) encouraging ownership of stock in the Company by such individuals, and (v) linking their compensation to the long-term interests of the Company and its shareholders. Except for certain limitations, awards can be in the form of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted shares and restricted share units, performance awards and other stock-based awards. As of March 31, 2021, the Company had 405,272 shares remaining available for issuance under the 2016 Equity Incentive Plan. As of March 31, 2021, the Company had outstanding 151,844 options with a weighted average exercise price of $47.08 and 117,956 cash-settled stock appreciation rights with a weighted average exercise price of $44.38 under the 2016 Equity Incentive Plan.

As of March 31, 2021, the Company had outstanding 162,833 stock options with a weighted average exercise price of $46.22 and 117,956 cash-settled stock appreciation rights each with a weighted average exercise price of $44.38.

The following table summarizes information about stock options and cash-settled SARs for the three months ended March 31, 2021 and 2020:

	*March 31, 2021*				*March 31, 2020*
	*Shares*		*Weighted Average Exercise Price*		*Shares*		*Weighted Average Exercise Price*
Options and SARs outstanding at beginning of period		284,591	$	43.71		273,039	$	41.19
Granted		24,999		59.02		—		—
Exercised		28,801		40.02		7,654		33.82
Forfeited or expired		—		—		4,300		39.46
Outstanding at end of period		280,789	$	45.45		261,085	$	41.43
Options and SARs exercisable at March 31		141,993	$	41.00		142,692	$	40.40

As of March 31, 2021, there was $1,725,000 of total unrecognized cost related to non-vested share-based compensation arrangements granted under the Company's equity incentive plans. The cost is expected to be recognized over a weighted-average period of 3.17 years.