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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2020, 2019, and 2018 using a Black Scholes-Merton Model:
| 2020 |  | 2019 |  | 2018
Director and Officers: |  |  |  |  |
Expected dividend yield | $ | 0.33 |  |  | $ | 0.32 |  |  | $ | 0.26 |
Expected volatility | 31.63 | % |  | 29.54 | % |  | 29.73 | %
Risk-free interest rate | 0.64 | % |  | 2.40 | % |  | 2.20 | %
Expected life (in years) | 5.00 |  | 5.00 |  | 5.00
Employees: |  |  |  |  |
Expected dividend yield | $ | 0.32 |  |  | $ | 0.32 |  |  | $ | 0.26 |
Expected volatility | 31.39 | % |  | 29.54 | % |  | 29.82 | %
Risk-free interest rate | 0.67 | % |  | 2.38 | % |  | 2.51 | %
Expected life (in years) | 5.00 |  | 5.00 |  | 5.00
Summary of Stock Options Outstanding | The following is a summary of stock options vested and exercisable as of December 31, 2020:
|  |  |  | Weighted Average |  | Weighted |  |
Range of |  | Number |  | Remaining |  | Average |  |
Exercise |  | of |  | Contractual |  | Exercise |  | Intrinsic
Prices |  | Shares |  | Life |  | Price |  | Value
|  |  |  |  |  |  |  | (in thousands)
$7.18 - 36.95 |  | 543,646 |  |  | 5.33 |  | $ | 28.33 |  |  | $ | 20,820 |
$37.00 - 40.87 |  | 1,978 |  |  | 7.09 |  | 38.50 |  |  | 56 |
$41.37 - 66.98 |  | 194,697 |  |  | 7.87 |  | 41.59 |  |  | 4,875 |
Total |  | 740,321 |  |  | 6.00 |  | $ | 31.85 |  |  | $ | 25,751 |
The following is a summary of stock options vested and exercisable as of December 31, 2019:
|  |  |  | Weighted Average |  | Weighted |  |
Range of |  | Number |  | Remaining |  | Average |  |
Exercise |  | of |  | Contractual |  | Exercise |  | Intrinsic
Prices |  | Shares |  | Life |  | Price |  | Value
|  |  |  |  |  |  |  | (in thousands)
$7.18 - 34.10 |  | 451,077 |  |  | 5.44 |  | $ | 23.47 |  |  | $ | 11,702 |
$34.15 - 40.87 |  | 86,122 |  |  | 7.82 |  | 36.33 |  |  | 1,126 |
$41.37 - 50.68 |  | 1,750 |  |  | 1.81 |  | 41.59 |  |  | 14 |
Total |  | 538,949 |  |  | 5.81 |  | $ | 21.58 |  |  | $ | 12,842 |
The following is a summary of stock options vested and exercisable as of December 31, 2018:
|  |  |  | Weighted Average |  | Weighted |  |
Range of |  | Number |  | Remaining |  | Average |  |
Exercise |  | of |  | Contractual |  | Exercise |  | Intrinsic
Prices |  | Shares |  | Life |  | Price |  | Value
|  |  |  |  |  |  |  | (in thousands)
$5.67 - 32.80 |  | 456,223 |  |  | 5.72 |  | $ | 20.25 |  |  | $ | 6,757 |
$32.85 - 34.10 |  | 42,552 |  |  | 7.47 |  | 33.95 |  |  | 47 |
$34.15 - 42.94 |  | 17,202 |  |  | 8.30 |  | 35.19 |  |  | 7 |
Total |  | 515,977 |  |  | 5.95 |  | $ | 21.88 |  |  | $ | 6,811 |
Summary of Stock Option Activity | A summary of option activity under the plans is as follows:
|  |  | Weighted Average Exercise
Options | Shares |  | Price
Outstanding at December 31, 2019 | 3,627,047 |  |  | $ | 36.32 |
Granted | 1,053,302 |  |  | 45.13 |
Exercised | (644,850) |  |  | 33.21 |
Forfeited or Expired | (282,554) |  |  | 40.64 |
Outstanding at December 31, 2020 | 3,752,945 |  |  | $ | 39.00 |
Exercisable at December 31, 2020 | 740,321 |  |  | $ | 31.85 |
Summary of Unvested Restricted Stock Awards | A summary of the unvested restricted stock awards is as follows:
|  |  | Weighted Average Grant date
Restricted stock | Shares |  | Fair Value
Unvested at December 31, 2019 | 267,484 |  |  | $ | 34.42 |
Granted | 76,148 |  |  | 43.54 |
Vested | (110,075) |  |  | 32.55 |
Forfeited | (8,866) |  |  | 39.72 |
Unvested at December 31, 2020 | 224,691 |  |  | $ | 38.22 |
Summary of Grant Date Fair Value of Awards During Period |
| 2020 |  | 2019 |  | 2018
Grant date fair value of awards during the period: | (in thousands)
Options | $ | 12,615 |  |  | $ | 20,442 |  |  | $ | 12,932 |
Restricted stock | 3,316 |  |  | 4,631 |  |  | 3,609 |
Total | $ | 15,931 |  |  | $ | 25,073 |  |  | $ | 16,541 |
Summary of Share-Based Compensation Expense |
| 2020 |  | 2019 |  | 2018
Share-based compensation expense: | (in thousands)
Options | $ | 8,312 |  |  | $ | 9,145 |  |  | $ | 5,344 |
Restricted stock | 3,030 |  |  | 2,654 |  |  | 2,518 |
Total | $ | 11,342 |  |  | $ | 11,799 |  |  | $ | 7,862 |
Summary of Income Tax Benefit Related to Share-Based Compensation |
| 2020 |  | 2019 |  | 2018
Income tax benefit related to share-based compensation: | (in thousands)
Options | $ | 2,698 |  |  | $ | 1,197 |  |  | $ | 980 |
Restricted stock | 519 |  |  | 575 |  |  | 353 |
Total | $ | 3,217 |  |  | $ | 1,772 |  |  | $ | 1,333 |

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