Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 94

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 94
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(1,058)(1,188)(1,043)Restricted stock awards expense, net of income taxes$4,596 $3,867 $3,514 Total Share-Based Compensation:   Pre-tax compensation expense$5,818 $5,158 $4,652 Income tax benefit(1,098)(1,250)(1,117)Total share-based compensation expense, net of income taxes$4,720 $3,908 $3,535 The grant date fair value of ESPP options was estimated to be approximately $33,000 at the beginning of the October 1, 2024 quarterly offering period. The ESPP options vested during the three months ending December 31, 2024, leaving no unrecognized compensation expense related to unvested ESPP options at December 31, 2024.Stock option activity under the Corporation’s stock option plans, as of December 31, 2024, and changes during the year ended December 31, 2024, were as follows:  Number ofSharesWeighted-AverageExercise PriceWeighted AverageRemaining ContractualTerm (in Years)AggregateIntrinsic ValueOutstanding at January 1, 202490,075 $20.21 Exercised(49,084)$18.34 Outstanding December 31, 202440,991 $22.44 1.69$715 Vested and Expected to Vest at December 31, 202440,991 $22.44 1.69$715 Exercisable at December 31, 202440,991 $22.44 1.69$715 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation’s closing stock price on the last trading day of 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on December 31, 2024.  The amount of aggregate intrinsic value will change based on the fair value of the Corporation’s common stock.  The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024 and 2023 was $707,000 and $1.4 million, respectively.  Cash receipts of stock options exercised during 2024 and 2023 were $900,000 and $1.1 million,