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Share-based Compensation and Other Employment Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Share-based Compensation, Allocation of Recognized Period Costs | Total share-based compensation expense recognized for 2021, 2020, and 2019 is presented in the following table by its classification within total non-interest expense.
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Salaries and other personnel expense | $ | 26,957 |  |  | $ | 17,827 |  |  | $ | 19,618 |
Merger-related expense | — |  |  | — |  |  | 4,219 |
Other operating expense | 838 |  |  | 814 |  |  | 650 |
Total share-based compensation expense included in non-interest expense | $ | 27,795 |  |  | $ | 18,641 |  |  | $ | 24,487 |
Schedule of Measuring Compensation Expense | The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:
| 2019
Stock price (Synovus' closing stock price on December 31, 2018) | $ | 31.99 |
Weighted average fair value of converted stock options | 11.50 |
Risk-free interest rate | 2.51 | %
Expected stock price volatility | 26.4 | %
Dividend yield | 3.13 | %
Term to expiration | 5.1 years
The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:
|  | 2021 |  | 2020 |  | 2019
Risk-free interest rate |  | 2.87 | % |  | 1.42 | % |  | 2.40 | %
Expected stock price volatility |  | 56.1 |  |  | 25.4 |  |  | 24.4 |
Simulation period |  | 2.9 years |  | 3.0 years |  | 3.0 years
Schedule of Stock Options Activity | A summary of stock option activity and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.
Stock Options |  |  |  |  |  |  |  |  |
| 2021 |  | 2020 |  | 2019
(in thousands, except per share data) | Quantity |  | Weighted-Average Exercise Price |  | Quantity |  | Weighted-Average Exercise Price |  | Quantity |  | Weighted-Average Exercise Price
Outstanding at beginning of year | 2,401 |  |  | $ | 22.47 |  |  | 3,037 |  |  | $ | 22.74 |  |  | 640 |  |  | $ | 16.93 |
Assumed in acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 3,230 |  |  | 23.22 |
Options exercised | (923) |  |  | 22.07 |  |  | (572) |  |  | 22.67 |  |  | (820) |  |  | 19.91 |
Options forfeited/expired/canceled | — |  |  | — |  |  | (64) |  |  | 33.50 |  |  | (13) |  |  | 34.23 |
Options outstanding at end of year | 1,478 |  |  | $ | 22.71 |  |  | 2,401 |  |  | $ | 22.47 |  |  | 3,037 |  |  | $ | 22.74 |
Options exercisable at end of year | 1,478 |  |  | $ | 22.71 |  |  | 2,401 |  |  | $ | 22.47 |  |  | 2,399 |  |  | $ | 19.52 |
Schedule of Restricted Stock Units Activity | A summary of restricted share units and market/performance share units outstanding and changes during the years ended December 31, 2021, 2020, and 2019 is presented below.
|  | Restricted Share Units |  | Market/Performance Share Units
(in thousands, except per share data) |  | Quantity |  | Weighted-Average Grant Date Fair Value |  | Quantity |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2018 |  | 526 |  |  | $ | 41.18 |  |  | 392 |  |  | $ | 39.62 |
Granted |  | 573 |  |  | 36.27 |  |  | 305 |  |  | 37.22 |
Assumed in acquisition |  | 136 |  |  | 31.99 |  |  | — |  |  | — |
Vested |  | (304) |  |  | 37.04 |  |  | (152) |  |  | 30.87 |
Forfeited |  | (114) |  |  | 37.04 |  |  | (50) |  |  | 39.45 |
Outstanding at December 31, 2019 |  | 817 |  |  | 38.32 |  |  | 495 |  |  | 40.85 |
Granted |  | 822 |  |  | 32.42 |  |  | 204 |  |  | 37.74 |
Vested |  | (384) |  |  | 38.04 |  |  | (214) |  |  | 41.31 |
Forfeited |  | (34) |  |  | 35.97 |  |  | (46) |  |  | 39.03 |
Outstanding at December 31, 2020 |  | 1,221 |  |  | 34.50 |  |  | 439 |  |  | 39.37 |
Granted |  | 599 |  |  | 42.31 |  |  | 141 |  |  | 42.94 |
Vested |  | (482) |  |  | 37.05 |  |  | (58) |  |  | 42.43 |
Forfeited |  | (93) |  |  | 31.41 |  |  | — |  |  | — |
Outstanding at December 31, 2021 |  | 1,245 |  |  | $ | 37.00 |  |  | 522 |  |  | $ | 37.59 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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