XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 using a Black Scholes-Merton Model:
 Six months ended
 June 30, 2020June 30, 2019
Directors and Officers:  
Expected dividend rate$0.33$0.32
Expected volatility31.63%29.54%
Risk-free interest rate0.64%2.40%
Expected life (in years)5.05.0
Employees:  
Expected dividend rate$0.32$0.32
Expected volatility31.23%29.54%
Risk-free interest rate0.69%2.40%
Expected life (in years)5.05.0
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of June 30, 2020:
 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$7.18  -$36.95  592,236  5.76$27.90  $15,632  
$37.00  -$40.87  6,518  3.2938.16  105  
$41.37  -$57.82  260,412  8.3041.46  3,340  
Total859,166  6.51$32.09  $19,077  
 
The following is a summary of stock options vested and exercisable as of June 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  386,282  5.57$21.63  $11,028  
$33.40  -$40.87  190,504  7.4335.57  2,784  
$41.37  -$50.18  6,070  0.8741.37  53  
Total582,856  6.13$26.39  $13,865  
Summary of Stock Option Activity
A summary of stock option activity under the plans is as follows:
Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2019
3,627,047  $36.32  
Granted
1,023,067  44.66  
Exercised
(417,486) 33.95  
Forfeited or Expired
(110,352) 40.49  
Outstanding at June 30, 2020
4,122,276  $38.52  
Exercisable at June 30, 2020
859,166  $32.09  
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:
 
Restricted StockSharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2019
267,484  $34.42  
Granted
76,148  43.54  
Vested
(106,695) 32.58  
Forfeited
(3,590) 40.11  
Unvested at June 30, 2020
233,347  $38.15  
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows: 
Three Months EndedSix Months Ended
 June 30,
2020		June 30,
2019		June 30,
2020		June 30,
2019
Grant date fair value of awards during the period:(in thousands)
Options$1,169  $127  $12,074  $20,071  
Restricted stock806  876  3,316  4,584  
Total$1,975  $1,003  $15,390  $24,655  
Share-based compensation expense:
Options$2,296  $1,522  $3,928  $6,144  
Restricted stock1,047  857  1,766  1,642  
Total$3,343  $2,379  $5,694  $7,786  
Income tax benefit/(deficiency) related to share-based compensation:
Options$680  $488  $1,411  $731  
Restricted stock160  304  494  455  
Total$840  $792  $1,905  $1,186