v3.25.2
Share-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for equity based compensation awards including incentive and non-qualified stock options, and restricted stock awards. As of March 31, 2025, there were 382,800 shares available for future grants.
Share-Based Compensation Expense
The following table presents share-based compensation expense and the related tax benefits for the periods indicated:
Three Months Ended March 31,
($ in thousands)20252024
Share-based compensation expense related to:
Stock options
$68 $72 
Restricted stock awards
162 64 
Total share-based compensation expense
$230 $136 
Related tax benefits
$61 $34 
The following table presents unrecognized share-based compensation expense as of the date indicated:
March 31, 2025
($ in thousands)Unrecognized ExpenseWeighted-Average Remaining Expected Recognition Period
Unrecognized share-based compensation expense related to:
Stock options
$454 1.8 years
Restricted stock awards
2,130 3.5 years
Total unrecognized share-based compensation expense
$2,584 3.2 years
Stock Options
The following tables represent stock option activity for the periods indicated:
Three Months Ended March 31, 2025
($ in thousands except per share data)
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Contractual TermAggregated Intrinsic Value
Outstanding at beginning of period
576,412 $14.20 5.0 years$3,481 
Exercised
(57,201)$11.96 3.4 years
Outstanding at end of period
519,211 $14.45 4.9 years$2,213 
Exercisable at end of period
347,552 $13.75 3.2 years$1,725 
The following table represents information regarding unvested stock options for the periods indicated:
Three Months Ended March 31, 2025
Number of SharesWeighted-Average Exercise Price Per Share
Outstanding at beginning of period
179,659 $15.93 
Vested(8,000)$17.40 
Outstanding at end of period
171,659 $15.87 
Restricted Stock Awards
The following table represents restricted stock award activity for the periods indicated:
Three Months Ended March 31, 2025
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period
119,100 $20.40 
Vested(5,000)$21.96 
Outstanding at end of period
114,100 $20.34