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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 using a Black Scholes-Merton Model:
 Three months ended
 March 31, 2021March 31, 2020
Directors and SLT1:
  
Expected dividend rate$0.38$0.32
Expected volatility35.78%31.08%
Risk-free interest rate0.50%0.70%
Expected life (in years)4.05.0
Employees:  
Expected dividend rate$0.38$0.32
Expected volatility38.70%31.07%
Risk-free interest rate0.30%0.71%
Expected life (in years)3.05.0
1 Senior Leadership Team ("SLT") consist of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the three months ended March 31, 2021 using a Monte Carlo Model:
 Three months ended
 March 31, 2021
 
Expected dividend rate$0.38
Expected volatility39.10%
Risk-free interest rate0.28%
Expected life (in years)2.81
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of March 31, 2021:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$7.18 -$40.87 621,552 5.58$30.01 $24,863 
$41.37 -$41.37 427,899 7.8641.37 12,255 
$41.78 -$75.00 143,232 8.7544.45 3,661 
Total1,192,683 6.78$35.82 $40,779 
 
The following is a summary of stock options vested and exercisable as of March 31, 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 -$36.95 677,936 6.09$28.34 $13,542 
$37.00 -$40.87 6,418 7.9538.20 65 
$41.37 -$57.14 339,922 8.8441.38 2,361 
Total1,024,276 7.01$32.73 $15,968 
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, 2020
3,752,945 $39.00 
Granted
340,455 73.36 
Exercised
(269,783)34.98 
Forfeited or Expired
(37,573)42.39 
Outstanding at March 31, 2021
3,786,044 $42.35 
Exercisable at March 31, 2021
1,192,683 $35.82 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2020
224,691 $38.22 
Granted
19,386 72.23 
Vested
(58,526)34.33 
Forfeited
(3,035)42.28 
Unvested at March 31, 2021
182,516 $43.00 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2020
— $— 
Granted
17,154 87.78 
Vested
— — 
Forfeited
— — 
Unvested at March 31, 2021
17,154 $87.78 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months Ended
 March 31,
2021		March 31,
2020
Grant date fair value of awards during the period:(in thousands)
Options$6,513 $10,905 
Performance awards1,506 — 
Restricted stock1,400 2,510 
Total$9,419 $13,415 
Share-based compensation expense:
Options$2,163 $1,632 
Performance awards41 — 
Restricted stock557 719 
Total$2,761 $2,351 
Income tax benefit/(deficiency) related to share-based compensation:
Options$2,295 $731 
Restricted stock615 334 
Total$2,910 $1,065