Note 6 - Equity Incentive Plans

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 6. 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 September 30, 2022, the Company had outstanding 5,987 options under the 2009 Stock Option Plan with a weighted average exercise price of $35.31.

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”). 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 September 30, 2022, the Company had 195,476 shares remaining available for issuance under the 2016 Equity Incentive Plan. As of September 30, 2022, the Company had outstanding 248,834 options with a weighted average exercise price of $55.67 and 181,090 cash-settled stock appreciation rights with a weighted average exercise price of $53.48 under the 2016 Equity Incentive Plan.

As of September 30, 2022, the Company had outstanding 254,821 stock options with a weighted average exercise price of $55.19 and 181,090 cash-settled stock appreciation rights each with a weighted average exercise price of $53.48.

The following table summarizes information about stock options and cash-settled SARs for the nine months ended September 30, 2022 and 2021:

	September 30, 2022					September 30, 2021
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options and SARs outstanding at beginning of period		357,254		$	50.18		284,591		$	43.71
Granted		114,332			64.06		24,999			59.02
Exercised		(34,508	)		41.95		(38,883	)		40.75
Forfeited or expired		(1,167	)		46.81		(100	)		31.31
Outstanding at end of period		435,911		$	54.48		270,607		$	45.55
Options and SARs exercisable at September 30		168,017		$	43.67		164,544		$	41.91

As of  September 30, 2022, there was $5,024,000 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 3.92 years.