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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Compensation Expense and Related Tax Benefits | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
| 2021 |  | 2020 |  | 2019
| (in thousands)
Compensation expense | $ | 9,264 |  |  | $ | 8,381 |  |  | $ | 7,413 |
Tax benefit | (2,027) |  |  | (1,790) |  |  | (1,610) |
Total stock-based compensation, net of tax | $ | 7,237 |  |  | $ | 6,591 |  |  | $ | 5,803 |
Stock Option Activity | The following table provides information about stock option activity for the year ended December 31, 2021:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding and exercisable as of December 31, 2020 | 398,307 |  |  | $ | 11.39 |  |  |  |  |
Exercised | (148,670) |  |  | 11.10 |  |  |  |  |
Forfeited | (1,676) |  |  | 11.33 |  |  |  |  |
Expired | (8,370) |  |  | 11.24 |  |  |  |  |
Outstanding and exercisable as of December 31, 2021 | 239,591 |  |  | $ | 11.57 |  |  | 1.6 years |  | $ | 1.3 |
Schedule Of Options Exercised | The following table presents information about stock options exercised:
| 2021 |  | 2020 |  | 2019
| (dollars in thousands)
Number of options exercised | 148,670 |  |  | 89,725 |  |  | 150,296 |
Total intrinsic value of options exercised | $ | 801 |  |  | $ | 192 |  |  | $ | 1,028 |
Cash received from options exercised | $ | 1,651 |  |  | $ | 880 |  |  | $ | 1,446 |
Tax benefit from options exercised | $ | 155 |  |  | $ | 37 |  |  | $ | 188 |
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, 2021:
|  |  | Restricted Stock/RSUs/PSUs (1)
|  |  |  |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2020 |  |  |  |  | 1,897,380 |  |  | $ | 14.07 |
Granted |  |  |  |  | 665,749 |  |  | 16.83 |
Vested |  |  |  |  | (379,193) |  |  | 16.37 |
Forfeited |  |  |  |  | (121,197) |  |  | 15.78 |
Nonvested as of December 31, 2021 |  |  |  |  | 2,062,739 |  |  | $ | 14.26 |
(1) There were no nonvested stock options at December 31, 2021 or 2020.
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:
| 2021 |  | 2020 |  | 2019
Risk-free interest rate | 0.25 | % |  | 0.25 | % |  | 2.27 | %
Volatility of Corporation’s stock | 42.55 | % |  | 33.10 | % |  | 23.00 | %
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:
| 2021 |  | 2020 |  | 2019
ESPP shares purchased | 134,156 |  |  | 194,485 |  |  | 136,576 |
Average purchase price per share (85% of market value) | $ | 13.92 |  |  | $ | 10.02 |  |  | $ | 14.03 |
Compensation expense recognized (in thousands) | $ | 329 |  |  | $ | 344 |  |  | $ | 338 |

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