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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2019
Share-based Payment Arrangement [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 nine months ended September 30, 2019 and 2018 using a Black Scholes-Merton Model:
| Nine months ended |  |
| September 30, 2019 |  | September 30, 2018
Directors and Officers: |  |  |
Expected dividend rate | $0.32 |  |  | $0.26 |
Expected volatility | 29.54% |  |  | 29.73% |
Risk-free interest rate | 2.40% |  |  | 2.20% |
Expected life (in years) | 5.0 |  | 5.0
Employees: |  |  |
Expected dividend rate | $0.32 |  |  | $0.26 |
Expected volatility | 29.54% |  |  | 29.82% |
Risk-free interest rate | 2.39% |  |  | 2.48% |
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 September 30, 2019:
Range of Exercise Prices |  |  |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$ | 7.18 |  | - | $ | 33.20 |  |  | 350,549 |  |  | 5.29 |  | $ | 21.07 |  |  | $ | 8,717 |
$ | 33.40 |  | - | $ | 40.87 |  |  | 124,622 |  |  | 7.79 |  | 35.63 |  |  | 1,284 |
$ | 41.37 |  | - | $ | 50.68 |  |  | 4,070 |  |  | 0.67 |  | 41.37 |  |  | 19 |
|  | Total |  | 479,241 |  |  | 5.90 |  | $ | 25.03 |  |  | $ | 10,020 |
The following is a summary of stock options vested and exercisable as of September 30, 2018:
Range of Exercise Prices |  |  |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$ | 5.67 |  | - | $ | 32.80 |  |  | 362,715 |  |  | 5.54 |  | $ | 18.14 |  |  | $ | 7,132 |
$ | 32.85 |  | - | $ | 33.80 |  |  | 5,484 |  |  | 4.08 |  | 33.18 |  |  | 25 |
$ | 34.00 |  | - | $ | 40.60 |  |  | 81,417 |  |  | 5.87 |  | 34.32 |  |  | 283 |
|  | Total |  | 449,616 |  |  | 5.58 |  | $ | 21.25 |  |  | $ | 7,440 |
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, 2018 | 2,445,849 |  |  | $ | 30.77 |
Granted | 1,965,520 |  |  | 41.46 |
Exercised | (394,024) |  |  | 28.63 |
Forfeited or Expired | (293,299) |  |  | 36.71 |
Outstanding at September 30, 2019 | 3,724,046 |  |  | $ | 36.17 |
Exercisable at September 30, 2019 | 479,241 |  |  | $ | 25.03 |
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, 2018 | 292,450 |  |  | $ | 28.54 |
Granted | 112,018 |  |  | 40.92 |
Vested | (109,514) |  |  | 26.99 |
Forfeited | (12,103) |  |  | 33.87 |
Unvested at September 30, 2019 | 282,851 |  |  | $ | 33.81 |
Summary of Share-Based Compensation Expense | A summary of share-based compensation is as follows:
| Three months ended |  |  |  | Nine months ended |  |
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Grant date fair value of awards during the period: | (in thousands) |  |  |  |  |  |
Options | $ | 244 |  |  | $ | 53 |  |  | $ | 20,315 |  |  | $ | 12,633 |
Restricted stock | — |  |  | 18 |  |  | 4,584 |  |  | 3,379 |
Total | $ | 244 |  |  | $ | 71 |  |  | $ | 24,899 |  |  | $ | 16,012 |
Share-based compensation expense: |  |  |  |  |  |  |
Options | $ | 1,874 |  |  | $ | 1,076 |  |  | $ | 5,156 |  |  | $ | 3,202 |
Restricted stock | 911 |  |  | 839 |  |  | 2,702 |  |  | 2,412 |
Total | $ | 2,785 |  |  | $ | 1,915 |  |  | $ | 7,858 |  |  | $ | 5,614 |
Income tax benefit/(deficiency) related to share-based compensation: |  |  |  |  |  |  |
Options | $ | 233 |  |  | $ | 379 |  |  | $ | 964 |  |  | $ | 980 |
Restricted stock | 7 |  |  | 26 |  |  | 462 |  |  | 245 |
Total | $ | 240 |  |  | $ | 405 |  |  | $ | 1,426 |  |  | $ | 1,225 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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