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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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 for the years ended December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Compensation expense | $ | 15,081 |  |  | $ | 9,264 |  |  | $ | 8,381 |
Tax benefit | (2,690) |  |  | (2,027) |  |  | (1,790) |
Total stock-based compensation, net of tax | $ | 12,391 |  |  | $ | 7,237 |  |  | $ | 6,591 |
Stock Option Activity | The following table provides information about stock option activity for the year ended December 31, 2022:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding and exercisable as of December 31, 2021 | 239,591 |  |  | $ | 11.57 |  |  |  |  |
Exercised | (130,503) |  |  | 11.12 |  |  |  |  |
Forfeited | (624) |  |  | 12.10 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding and exercisable as of December 31, 2022 | 108,464 |  |  | $ | 12.11 |  |  | 1.0 year |  | $ | 0.5 |
Schedule Of Options Exercised | The following table presents information about stock options exercised for the years ended December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Number of options exercised | 130,503 |  |  | 148,670 |  |  | 89,725 |
Total intrinsic value of options exercised | $ | 842 |  |  | $ | 801 |  |  | $ | 192 |
Cash received from options exercised | $ | 1,402 |  |  | $ | 1,651 |  |  | $ | 880 |
Tax benefit from options exercised | $ | 163 |  |  | $ | 155 |  |  | $ | 37 |
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, 2022:
|  |  | Restricted Stock/RSUs/PSUs(1)
|  |  |  |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2021 |  |  |  |  | 2,062,739 |  |  | $ | 14.26 |
Granted |  |  |  |  | 884,633 |  |  | 15.34 |
Vested |  |  |  |  | (343,527) |  |  | 16.36 |
Forfeited |  |  |  |  | (79,649) |  |  | 15.22 |
Nonvested as of December 31, 2022 |  |  |  |  | 2,524,196 |  |  | $ | 14.16 |
(1) There were no nonvested stock options at December 31, 2022 or 2021.
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:
| 2022 |  | 2021 |  | 2020
Risk-free interest rate | 2.84 | % |  | 0.25 | % |  | 0.25 | %
Volatility of Corporation's stock | 43.46 | % |  | 42.55 | % |  | 33.10 | %
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:
| 2022 |  | 2021 |  | 2020
ESPP shares purchased | 134,645 |  |  | 134,156 |  |  | 194,485 |
Average purchase price per share (85% of market value) | $ | 14.06 |  |  | $ | 13.92 |  |  | $ | 10.02 |
Compensation expense recognized (in thousands) | $ | 334 |  |  | $ | 329 |  |  | $ | 344 |

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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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