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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees in the form of stock options, restricted stock, RSUs or PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors and the Bank board of directors under the Directors’ Plan. Under the Directors’ Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards under the Employee Equity Plan are generally granted annually and generally become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and become fully vested after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Fair values for RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs is estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of September 30, 2023, the Employee Equity Plan had approximately 4.4 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 402,000 shares reserved for future grants through 2033. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:
| Three months ended September 30 |  | Nine months ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
| (dollars in thousands)
Compensation expense | $ | 3,048 |  |  | $ | 3,791 |  |  | $ | 7,288 |  |  | $ | 10,377 |
Tax benefit | (673) |  |  | (840) |  |  | (1,600) |  |  | (2,201) |
Total stock-based compensation, net of tax | $ | 2,375 |  |  | $ | 2,951 |  |  | $ | 5,688 |  |  | $ | 8,176 |

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