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Share-Based Compensation (Tables)

3 Months Ended

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 SLT1:
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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