Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 1680

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 1680
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 U.S. Treasury yield curve in effect at the time of grant.  As of December 31, 2024, no stock options had been granted under the Plans.

F-47

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(15 - continued)

On February 20, 2024, the Company granted 3,150 restricted stock shares under the 2019 Plan to directors, officers and key employees at a grant-date price of $28.00 per share for a total of $88,000. The restricted stock vests ratably from the grant date through July 1, 2029, with 20% of the shares vesting each year on July 1 beginning on July 1, 2025.  No restricted stock shares were granted during 2023 or 2022.  Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period).  The Company accounts for any forfeitures when they occur, and any previously recognized compensation cost for an award is reversed in the period the award is forfeited.  Compensation expense related to restricted stock recognized for the years ended December 31, 2024, 2023 and 2022 was $202,000, $252,000 and $436,000, respectively.  The income tax benefit related to stock-based compensation was $20,000, $30,000 and $55,000 for the years ended December 31, 2024, 2023 and 2022, respectively.  A summary of the Company’s nonvested restricted shares activity as of December 31, 2024 and changes during the year then ended is as follows:

			Weighted

			Number

			Average

			of

			Grant-Date

			Shares

			Fair Value

			Nonvested at beginning of year

			5,600

			$
			63.60

			Granted

			3,150

			28.00

			Vested

			3,950

			59.75

			Forfeited

			-

			-

			Nonvested at end of year

			4,800

			$
			43.40

There were 3,950, 6,100