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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
| 2020 |  | 2019 |  | 2018
| (in thousands)
Compensation expense | $ | 8,381 |  |  | $ | 7,413 |  |  | $ | 7,965 |
Tax benefit | (1,790) |  |  | (1,610) |  |  | (2,625) |
Total stock-based compensation, net of tax | $ | 6,591 |  |  | $ | 5,803 |  |  | $ | 5,340 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2020:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding and exercisable as of December 31, 2019 | 500,260 |  |  | $ | 11.12 |  |  |  |  |
Exercised | (89,725) |  |  | 9.99 |  |  |  |  |
Forfeited | (1,047) |  |  | 12.25 |  |  |  |  |
Expired | (11,181) |  |  | 10.27 |  |  |  |  |
Outstanding and exercisable as of December 31, 2020 | 398,307 |  |  | $ | 11.39 |  |  | 1.9 years |  | $ | 0.5 |
Schedule Of Options Exercised | The following table presents information about stock options exercised:
| 2020 |  | 2019 |  | 2018
| (dollars in thousands)
Number of options exercised | 89,725 |  |  | 150,296 |  |  | 214,845 |
Total intrinsic value of options exercised | $ | 192 |  |  | $ | 1,028 |  |  | $ | 1,616 |
Cash received from options exercised | $ | 880 |  |  | $ | 1,446 |  |  | $ | 2,210 |
Tax benefit from options exercised | $ | 37 |  |  | $ | 188 |  |  | $ | 291 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2020:
|  |  | Restricted Stock/RSUs/PSUs (1)
|  |  |  |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2019 |  |  |  |  | 1,425,021 |  |  | $ | 16.39 |
Granted |  |  |  |  | 911,367 |  |  | 11.82 |
Vested |  |  |  |  | (357,838) |  |  | 17.88 |
Forfeited |  |  |  |  | (81,170) |  |  | 13.74 |
Nonvested as of December 31, 2020 |  |  |  |  | 1,897,380 |  |  | $ | 14.07 |
(1) There were no nonvested stock options at December 31, 2020 or 2019.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table:
| 2020 |  | 2019 |  | 2018
Risk-free interest rate | 0.25 | % |  | 2.27 | % |  | 2.63 | %
Volatility of Corporation’s stock | 33.10 | % |  | 23.00 | % |  | 23.50 | %
Expected life of PSUs | 3 years |  | 3 years |  | 3 years
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP:
| 2020 |  | 2019 |  | 2018
ESPP shares purchased | 194,485 |  |  | 136,576 |  |  | 110,200 |
Average purchase price per share (85% of market value) | $ | 10.02 |  |  | $ | 14.03 |  |  | $ | 14.74 |
Compensation expense recognized (in thousands) | $ | 344 |  |  | $ | 338 |  |  | $ | 287 |

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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 employee stock purchase plans, including, but not limited to: (a) expected term, (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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- 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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