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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 and 2021 using a Black Scholes-Merton Model:
| Three months ended
| March 31, 2022 |  | March 31, 2021
Directors and SLT 1: |  |  |
Expected dividend rate | $0.38 |  | $0.38
Expected volatility | 35.87% |  | 35.78%
Risk-free interest rate | 2.11% |  | 0.50%
Expected life (in years) | 4.0 |  | 4.0
Employees: |  |  |
Expected dividend rate | $0.38 |  | $0.38
Expected volatility | 37.16% |  | 38.70%
Risk-free interest rate | 1.98% |  | 0.30%
Expected life (in years) | 3.0 |  | 3.0
1 Senior Leadership Team ("SLT") consists 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, 2022 and 2021 using a Monte Carlo Model:
| Three months ended
| March 31, 2022 |  | March 31, 2021
Expected dividend rate | $0.38 |  | $0.38
Expected volatility | 37.60% |  | 39.10%
Risk-free interest rate | 2.00% |  | 0.28%
Expected life (in years) | 2.80 |  | 2.81
Summary of Stock Options Outstanding | The following is a summary of stock options vested and exercisable as of March 31, 2022:
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
$ | 8.17 |  | - | $ | 41.37 |  |  | 1,323,510 |  |  | 5.73 |  | $ | 36.12 |  |  | $ | 25,953 |
$ | 42.42 |  | - | $ | 65.24 |  |  | 271,925 |  |  | 7.82 |  | 44.72 |  |  | 3,005 |
$ | 65.29 |  | - | $ | 79.81 |  |  | 101,868 |  |  | 8.86 |  | 73.22 |  |  | — |
|  | Total |  | 1,697,303 |  |  | 6.25 |  | $ | 39.72 |  |  | $ | 28,958 |
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 |  |  | 7.86 |  | 41.37 |  |  | 12,255 |
$ | 41.78 |  | - | $ | 75.00 |  |  | 143,232 |  |  | 8.75 |  | 44.45 |  |  | 3,661 |
|  | Total |  | 1,192,683 |  |  | 6.78 |  | $ | 35.82 |  |  | $ | 40,779 |
Summary of Stock Option Activity | A summary of stock option activity under the plans is as follows:
Stock Options | Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2021 | 3,365,469 |  |  | $ | 42.88 |
Granted | 353,723 |  |  | 54.52 |
Exercised | (79,169) |  |  | 36.51 |
Forfeited or Expired | (25,288) |  |  | 51.58 |
Outstanding at March 31, 2022 | 3,614,735 |  |  | $ | 44.10 |
Exercisable at March 31, 2022 | 1,697,303 |  |  | $ | 39.72 |
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, 2021 | 161,225 |  |  | $ | 46.08 |
Granted | 39,903 |  |  | 53.55 |
Vested | (48,479) |  |  | 42.20 |
Forfeited | (581) |  |  | 49.75 |
Unvested at March 31, 2022 | 152,068 |  |  | $ | 49.26 |
Schedule of Nonvested Key Employee Award Activity | A summary of the unvested Key Employee Awards is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2021 | 26,599 |  |  | $ | 80.18 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Unvested at March 31, 2022 | 26,599 |  |  | $ | 80.18 |
Schedule of Nonvested Performance-based Units Activity | A summary of the unvested PSUs is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2021 | 16,851 |  |  | $ | 87.78 |
Granted | 41,621 |  |  | 44.74 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Unvested at March 31, 2022 | 58,472 |  |  | $ | 57.14 |
Summary of Share-Based Compensation Expense | A summary of share-based compensation is as follows:
|  |  | Three Months Ended
|  |  |  |  | March 31, 2022 |  | March 31, 2021
Grant date fair value of awards during the period: |  |  |  |  | (in thousands)
Options |  |  |  |  | $ | 4,849 |  |  | $ | 6,513 |
Performance awards |  |  |  |  | 1,862 |  |  | 1,506 |
Restricted stock |  |  |  |  | 2,137 |  |  | 1,400 |
Total |  |  |  |  | $ | 8,848 |  |  | $ | 9,419 |
Share-based compensation expense: |  |  |  |  |  |  |
Options |  |  |  |  | $ | 2,040 |  |  | $ | 2,163 |
Performance awards |  |  |  |  | 185 |  |  | 41 |
Restricted stock |  |  |  |  | 679 |  |  | 557 |
Key employee awards |  |  |  |  | 208 |  |  | — |
Total |  |  |  |  | $ | 3,112 |  |  | $ | 2,761 |
Income tax benefit/(deficiency) related to share-based compensation:
Options |  |  |  |  | $ | 293 |  |  | $ | 2,295 |
Restricted stock |  |  |  |  | 219 |  |  | 615 |
Total |  |  |  |  | $ | 512 |  |  | $ | 2,910 |

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