Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Share-Based Compensation Expense and Related Tax Benefits |
The table below provides the share-based compensation expense and related tax benefits for the periods indicated:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
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Share-based compensation expense |
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$ |
2,595 |
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$ |
2,436 |
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$ |
2,544 |
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Related tax benefits |
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$ |
752 |
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$ |
703 |
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$ |
734 |
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| Summary of Information under Plans |
The following information under the Plans is presented for the periods indicated:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
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Total intrinsic value of options exercised (1) |
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$ |
20 |
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$ |
— |
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$ |
— |
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Cash received from options exercised |
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$ |
19 |
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$ |
— |
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$ |
— |
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(1)Intrinsic value represents the difference between the closing stock price on the exercise date and the exercise price, multiplied by the number of options.
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| Summary of Stock Option Transactions under Plans |
The following is a summary of stock option transactions under the Plans for the periods indicated:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Options outstanding at beginning of period |
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115,938 |
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$ |
19.58 |
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125,938 |
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$ |
19.59 |
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156,438 |
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$ |
18.84 |
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Options exercised |
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1,500 |
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$ |
12.54 |
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— |
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$ |
— |
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— |
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$ |
— |
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Options forfeited |
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— |
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$ |
— |
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(10,000 |
) |
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$ |
19.74 |
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(30,500 |
) |
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$ |
15.73 |
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Options expired |
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(6,438 |
) |
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$ |
12.54 |
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— |
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$ |
— |
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— |
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$ |
— |
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Options outstanding at end of period |
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111,000 |
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$ |
19.89 |
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115,938 |
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$ |
19.58 |
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125,938 |
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$ |
19.59 |
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Options exercisable at end of period |
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111,000 |
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$ |
19.89 |
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115,938 |
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$ |
19.58 |
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125,938 |
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$ |
19.59 |
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| Summary of Stock Options Outstanding under Plans |
As of December 31, 2022, stock options outstanding under the Plans were as follows:
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Options Outstanding |
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Options Exercisable |
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Number of
Shares |
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Intrinsic
Value
(1) |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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Number of
Shares |
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Intrinsic
Value
(1) |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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$15.00 to $19.99 |
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50,000 |
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$ |
416 |
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$ |
16.43 |
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1.66 |
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50,000 |
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$ |
416 |
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$ |
16.43 |
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1.66 |
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$20.00 to $24.83 |
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61,000 |
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123 |
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22.73 |
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2.84 |
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61,000 |
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123 |
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22.73 |
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2.84 |
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111,000 |
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$ |
539 |
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$ |
19.89 |
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2.30 |
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111,000 |
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$ |
539 |
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$ |
19.89 |
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2.30 |
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(1)
Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was $24.75 as of December 31, 2022, and the exercise price, multiplied by the number of options. This value is presented in thousands.
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| Restricted stock awards |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Restricted Stock Awards and Performance Stock Units under 2013 And 2021 Plan |
The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated:
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2022 |
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2021 |
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2020 |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Restricted stock at beginning of period |
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152,087 |
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$ |
17.24 |
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243,708 |
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$ |
15.60 |
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296,201 |
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$ |
22.91 |
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Restricted stock granted |
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101,271 |
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$ |
24.56 |
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75,679 |
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$ |
19.62 |
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125,896 |
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$ |
8.51 |
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Restricted stock vested |
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(89,699 |
) |
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$ |
23.95 |
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(134,659 |
) |
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$ |
16.01 |
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(137,892 |
) |
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$ |
24.68 |
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Restricted stock forfeited |
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(7,485 |
) |
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$ |
23.46 |
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(32,641 |
) |
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$ |
15.02 |
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(40,497 |
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$ |
16.55 |
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Restricted stock at end of period |
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156,174 |
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$ |
21.29 |
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152,087 |
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$ |
17.24 |
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243,708 |
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$ |
15.60 |
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| Performance Stock Units |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Restricted Stock Awards and Performance Stock Units under 2013 And 2021 Plan |
The table below provides information for performance stock units under the 2021 Plans for the periods indicated:
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2022 |
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2021 |
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2020 |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Performance stock at beginning of period |
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66,563 |
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$ |
15.25 |
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23,937 |
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$ |
9.65 |
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— |
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$ |
— |
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Performance stock granted |
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38,036 |
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$ |
25.10 |
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42,626 |
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$ |
18.40 |
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23,937 |
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$ |
9.65 |
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Performance stock vested |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
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Performance stock forfeited |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
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Performance stock at end of period |
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104,599 |
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$ |
18.83 |
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66,563 |
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$ |
15.25 |
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23,937 |
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$ |
9.65 |
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