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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Stock Option Assumptions | The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the six months ended June 30, 2017 and 2016 using a Black Scholes Model:
| Six months ended
| June 30, 2017 |  | June 30, 2016
Director and Officers: |  |  |
Expected dividend rate | $ | 0.26 |  |  | $ | 0.22 |
Expected volatility | 30.81 | % |  | 42.38 | %
Risk-free interest rate | 1.90 | % |  | 2.02 | %
Expected life (in years) | 5.0 |  |  | 8.0 |
Employees: |  |  |  |  |
Expected dividend rate | $ | 0.26 |  |  | $ | 0.22 |
Expected volatility | 30.75 | % |  | 41.82 | %
Risk-free interest rate | 1.89 | % |  | 1.76 | %
Expected life (in years) | 5.0 |  |  | 8.0 |
Summary of Stock Options Outstanding | The following is a summary of stock options vested and exercisable as of June 30, 2017:
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$4.54-$22.76 |  | 378,504 |  |  | 4.85 |  |  | $ | 10.98 |  |  | $ | 9,792 |
$23.57-$32.80 |  | 33,985 |  |  | 7.95 |  |  | 25.34 |  |  | 391 |
$32.85-$37.30 |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 412,489 |  |  | 5.10 |  |  | $ | 12.16 |  |  | $ | 10,183 |
The following is a summary of stock options vested and exercisable as of June 30, 2016:
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$4.54-$8.65 |  | 344,958 |  |  | 5.06 |  | $ | 7.67 |  |  | $ | 6,843 |
$8.70-$22.76 |  | 37,505 |  |  | 7.39 |  | 15.77 |  |  | 440 |
$23.57-$28.27 |  | 7,664 |  |  | 8.66 |  | 23.57 |  |  | 30 |
Total |  | 390,127 |  |  | 5.35 |  | $ | 8.76 |  |  | $ | 7,313 |
Summary of Stock Option Activity | A summary of option activity under the plans is as follows:
Options | Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2016 | 1,450,704 |  |  | $ | 21.33 |
Granted | 389,660 |  |  | 34.42 |
Exercised | (154,368 | ) |  | 10.19 |
Forfeited or Expired | (64,886 | ) |  | 30.51 |
Outstanding at June 30, 2017 | 1,621,110 |  |  | $ | 25.17 |
Exercisable at June 30, 2017 | 412,489 |  |  | $ | 12.16 |
Summary of Unvested Restricted Stock Awards | A summary of the unvested restricted stock awards is as follows:
Restricted stock | Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2016 | 408,162 |  |  | $ | 20.47 |
Granted | 123,151 |  |  | 33.96 |
Vested | (121,956 | ) |  | 21.09 |
Forfeited | (16,161 | ) |  | 22.86 |
Unvested at June 30, 2017 | 393,196 |  |  | $ | 24.41 |
Summary of Grant Date Fair Value of Awards During Period | A summary of share-based compensation is as follows:
| Three months ended |  | Six months ended
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2017 |  | June 30, 2016
Grant date fair value of awards during the period: | (in thousands)
Options | $ | 633 |  |  | $ | 1,279 |  |  | $ | 3,507 |  |  | $ | 2,059 |
Restricted stock | 1,582 |  |  | 1,043 |  |  | 4,182 |  |  | 2,942 |
Total | $ | 2,215 |  |  | $ | 2,322 |  |  | $ | 7,689 |  |  | $ | 5,001 |
Summary of Share-Based Compensation Expense |
Share-based compensation expense: |  |  |  |  |  |  |
Options | $ | 703 |  |  | $ | 404 |  |  | $ | 1,430 |  |  | $ | 741 |
Restricted stock | 1,181 |  |  | 691 |  |  | 2,099 |  |  | 1,302 |
Total | $ | 1,884 |  |  | $ | 1,095 |  |  | $ | 3,529 |  |  | $ | 2,043 |
Summary of Income Tax Benefit Related to Share-Based Compensation |
Income tax benefit/(deficiency) related to share-based compensation: |  |  |  |  |  |  |
Options | $ | 494 |  |  | $ | 417 |  |  | $ | 1,285 |  |  | $ | 1,130 |
Restricted stock | 432 |  |  | (33 | ) |  | 705 |  |  | (1 | )
Total | $ | 926 |  |  | $ | 384 |  |  | $ | 1,990 |  |  | $ | 1,129 |
Schedule of Quantitative Effects on Consolidated Financial Statements | The following table displays the prior period quantitative effects on the consolidated financial statements:
| Three months ended |  | Six months ended
| June 30, 2016 |  | June 30, 2016
| As Reported |  | As Restated |  | As Reported |  | As Restated
| (in thousands, except share and per share data)
Consolidated Statement of Income |  |  |  |  |  |  |
Income tax provision | $ | 7,934 |  |  | $ | 7,550 |  |  | $ | 14,145 |  |  | $ | 13,016 |
Net income | 14,341 |  |  | 14,725 |  |  | 25,147 |  |  | 26,276 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.27 |  |  | $ | 0.28 |  |  | $ | 0.47 |  |  | $ | 0.47 |
Diluted | 0.27 |  |  | 0.27 |  |  | 0.47 |  |  | 0.47 |
Weighted average shares outstanding: |  |  |  |  |  |  |
Diluted | 53,401,238 |  |  | 53,574,702 |  |  | 53,395,361 |  |  | 53,563,676 |
Consolidated Statement of Cash Flows |  |  |  |  |  |  |
Change in income taxes |  |  |  |  |  |  | $ | 5,162 |  |  | $ | 4,033 |

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