Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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, 2018 and 2017 using a Black Scholes Model:



	Six months ended
	June 30, 2018			June 30, 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		%	30.75		%
Risk-free interest rate	2.48		%	1.89		%
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 June 30, 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	425,351	5.59	$	17.47	$	6,711
$32.85 - $34.10	67,654	5.18	34.02		1
$34.15 - $39.00	21,607	8.73	35.10		—
Total	514,612	5.67	$	20.39	$	6,712

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 - $36.30	—	—	—		—
Total	412,489	5.10	$	12.16	$	10,183

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	1,439,020		34.51
Exercised	(159,143	)	14.43
Forfeited or Expired	(164,424	)	33.19
Outstanding at June 30, 2018	2,682,562		$	30.40
Exercisable at June 30, 2018	514,612		$	20.39

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	104,175		32.27
Vested	(97,961	)	25.04
Forfeited	(31,834	)	28.06
Unvested at June 30, 2018	316,180		$	27.64

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, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Grant date fair value of awards during the period:	(in thousands)
Options	$	53	$	633	$	12,580	$	3,507
Restricted stock	1,247		1,582		3,361		4,182
Total	$	1,300	$	2,215	$	15,941	$	7,689

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	1,368	$	703	$	2,126	$	1,430
Restricted stock	607		1,181		1,573		2,099
Total	$	1,975	$	1,884	$	3,699	$	3,529

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	300	$	494	$	601	$	1,285
Restricted stock	57		432		219		705
Total	$	357	$	926	$	820	$	1,990