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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2018
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 three months ended March 31, 2018 and 2017 using a Black Scholes Model:
| Three months ended
| March 31, 2018 |  | March 31, 2017
Directors and Officers: |  |  |
Expected dividend rate | $ | 0.26 |  |  | $ | 0.26 |
Expected volatility | 29.73 | % |  | 30.81 | %
Risk-free interest rate | 2.20 | % |  | 1.90 | %
Expected life (in years) | 5.0 |  |  | 5.0 |
Employees: |  |  |  |  |
Expected dividend rate | $ | 0.26 |  |  | $ | 0.26 |
Expected volatility | 29.82 | % |  | 30.86 | %
Risk-free interest rate | 2.48 | % |  | 1.91 | %
Expected life (in years) | 5.0 |  |  | 5.0 |
Summary of Stock Options Outstanding | The following is a summary of stock options vested and exercisable as of March 31, 2018:
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$4.54 - $32.80 |  | 486,601 |  |  | 5.19 |  | $ | 16.32 |  |  | $ | 11,036 |
$32.85 - $34.10 |  | 65,054 |  |  | 5.64 |  | 34.06 |  |  | 322 |
$34.15 - $39.00 |  | 9,193 |  |  | 8.90 |  | 34.45 |  |  | 42 |
Total |  | 560,848 |  |  | 5.30 |  | $ | 18.67 |  |  | $ | 11,400 |
The following is a summary of stock options vested and exercisable as of March 31, 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 |  | 341,654 |  |  | 5.41 |  |  | $ | 11.31 |  |  | $ | 8,213 |
$23.57 - $32.80 |  | 18,002 |  |  | 7.52 |  |  | 24.19 |  |  | 201 |
$32.85 - $36.70 |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 359,656 |  |  | 5.52 |  |  | $ | 11.96 |  |  | $ | 8,414 |
Summary of Stock Option Activity | A summary of option activity under the plans is as follows:
| Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2017 | 1,567,109 |  |  | $ | 25.27 |
Granted | 1,432,720 |  |  | 34.51 |
Exercised | (79,081 | ) |  | 16.93 |
Forfeited or Expired | (99,150 | ) |  | 33.84 |
Outstanding at March 31, 2018 | 2,821,598 |  |  | $ | 29.91 |
Exercisable at March 31, 2018 | 560,848 |  |  | $ | 18.67 |
Summary of Unvested Restricted Stock Awards | A summary of the unvested restricted stock awards is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2017 | 341,800 |  |  | $ | 25.52 |
Granted | 61,190 |  |  | 34.55 |
Vested | (47,168 | ) |  | 23.99 |
Forfeited | (29,489 | ) |  | 28.20 |
Unvested at March 31, 2018 | 326,333 |  |  | $ | 27.20 |
Summary of Grant Date Fair Value of Awards During Period | A summary of share-based compensation is as follows:
| Three months ended
| March 31, 2018 |  | March 31, 2017
Grant date fair value of awards during the period: | (in thousands)
Options | $ | 12,527 |  |  | $ | 2,874 |
Restricted stock | 2,114 |  |  | 2,600 |
Total | $ | 14,641 |  |  | $ | 5,474 |
Summary of Share-Based Compensation Expense |
Share-based compensation expense: |  |  |
Options | $ | 758 |  |  | $ | 727 |
Restricted stock | 966 |  |  | 918 |
Total | $ | 1,724 |  |  | $ | 1,645 |
Summary of Income Tax Benefit Related to Share-Based Compensation |
Income tax benefit/(deficiency) related to share-based compensation: |  |  |
Options | $ | 301 |  |  | $ | 791 |
Restricted stock | 162 |  |  | 273 |
Total | $ | 463 |  |  | $ | 1,064 |

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