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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 Option Pricing Assumptions and Estimated Fair Value | The following table presents the option pricing assumptions and the estimated fair value of the options using these assumptions for grants made for the period indicated:
|  | For The Year Ended December 31, 2018
Weighted-average dividend yield |  | 2.36 | %
Weighted-average risk-free interest rate |  | 2.38 | %
Weighted-average expected volatility |  | 22.80 | %
Weighted-average expected life (in years) |  | 5.3
Weighted-average fair value of options granted |  | $ | 7.78 |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2020 was as follows:
(Dollars in thousands, except per option data) |  | Number of Options |  | Weighted-Average Exercise Price per Option |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Options outstanding at January 1, 2020 |  | 13,607 |  |  | $ | 23.69 |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | (3,094) |  |  | 18.24 |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |
Expired |  | — |  |  | — |  |  |  |  |
Options outstanding at December 31, 2020 |  | 10,513 |  |  | $ | 25.29 |  |  | 3.1 |  | $ | 117 |
Options exercisable at December 31, 2020 |  | 9,613 |  |  | $ | 24.22 |  |  | 2.7 |  | $ | 114 |
A summary of the status of the Company’s nonvested stock options as of December 31, 2020 and changes during the year then ended was as follows:
| Options |  | Weighted-Average Grant Date Fair Value per Option
Nonvested at January 1, 2020 | 1,850 |  |  | $ | 6.48 |
Granted | — |  |  | — |
Vested | (950) |  |  | 6.08 |
Forfeited | — |  |  | — |
Nonvested at December 31, 2020 | 900 |  |  | $ | 6.89 |
Schedule of Compensation Expense | Compensation expense and the related income tax benefit recognized in connection with the restricted stock units was as follows for the periods indicated:
|  | For The Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Compensation expense |  | $ | 475 |  |  | $ | 389 |  |  | $ | 263 |
Income tax benefit |  | 102 |  |  | 84 |  |  | 57 |
Fair value of grants vested |  | 407 |  |  | 302 |  |  | 149 |
Compensation expense and the related income tax benefit recognized in connection with the restricted stock awards was as follows for the periods indicated:
|  | For The Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Compensation expense |  | $ | 781 |  |  | $ | 751 |  |  | $ | 916 |
Income tax benefit |  | 168 |  |  | 161 |  |  | 197 |
Fair value of grants vested |  | 772 |  |  | 780 |  |  | 931 |
Compensation expense and the related income tax benefit recognized in connection with the MSPP awards was as follows for the periods indicated:
|  | For The Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Compensation expense |  | $ | 71 |  |  | $ | 95 |  |  | $ | 104 |
Income tax benefit |  | 15 |  |  | 20 |  |  | 22 |
Fair value of grants vested |  | 110 |  |  | 75 |  |  | 130 |
Compensation expense and the related tax benefit for the LTIP's performance-based awards was as follows for the periods indicated:
|  | For The Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Compensation expense |  | $ | 332 |  |  | $ | 532 |  |  | $ | 291 |
Related income tax benefit |  | 71 |  |  | 114 |  |  | 63 |
Fair value of grants vested |  | — |  |  | 344 |  |  | 284 |
Compensation expense and the related tax benefit recognized in connection with the DCRP was as follows for the periods presented:
|  | For The Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Compensation expense |  | $ | 122 |  |  | $ | 110 |  |  | $ | 106 |
Related income tax benefit |  | 26 |  |  | 24 |  |  | 23 |
Fair value of grants vested |  | 129 |  |  | 102 |  |  | 105 |
Summary of Nonvested Share Awards Activity | Restricted stock unit activity for the year ended December 31, 2020 was as follows:
(Dollars in thousands, except per unit data) |  | Number of Units |  | Weighted-Average Grant Date Fair Value per Unit |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2020 |  | 36,052 |  |  | $ | 43.92 |  |  |  |  |  |  |
Granted |  | 16,181 |  |  | 30.88 |  |  |  |  |  |  |
Vested |  | (9,265) |  |  | 43.90 |  |  |  |  |  |  |
Forfeited |  | (1,601) |  |  | 39.79 |  |  |  |  |  |  |
Nonvested at December 31, 2020 |  | 41,367 |  |  | $ | 38.98 |  |  | 3.1 |  | $ | 1,480 |  |  | $ | 1,196 |
Restricted stock award activity for the year ended December 31, 2020 is as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2020 |  | 19,287 |  |  | $ | 41.66 |  |  |  |  |  |  |
Granted |  | 31,983 |  |  | 31.35 |  |  |  |  |  |  |
Vested |  | (20,992) |  |  | 36.76 |  |  |  |  |  |  |
Forfeited |  | (1,622) |  |  | 41.53 |  |  |  |  |  |  |
Nonvested at December 31, 2020 |  | 28,656 |  |  | $ | 33.75 |  |  | 2.2 |  | $ | 1,025 |  |  | $ | 646 |
MSPP award activity for the year ended December 31, 2020 was as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2020 |  | 15,015 |  |  | $ | 12.89 |  |  |  |  |  |  |
Granted |  | 11,210 |  |  | 7.39 |  |  |  |  |  |  |
Vested |  | (7,478) |  |  | 14.72 |  |  |  |  |  |  |
Forfeited |  | (1,723) |  |  | 10.16 |  |  |  |  |  |  |
Nonvested at December 31, 2020 |  | 17,024 |  |  | $ | 8.74 |  |  | 0.8 |  | $ | 154 |  |  | $ | 51 |
LTIP performance-based award activity for the year ended December 31, 2020 was as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2020 |  | 27,765 |  |  | $ | 44.26 |  |  |  |  |  |  |
Granted(1) |  | 28,766 |  |  | 31.41 |  |  |  |  |  |  |
Vested |  | — |  |  | — |  |  |  |  |  |  |
Forfeited |  | (5,137) |  |  | 44.26 |  |  |  |  |  |  |
Nonvested at December 31, 2020 |  | 51,394 |  |  | $ | 37.07 |  |  | 1.7 |  | $ | 1,905 |  |  | $ | 388 |
(1) Number of shares granted assumes payout at 200% of target. DCRP award activity for the year ended December 31, 2020 was as follows:
(Dollars in thousands, except per award data) |  | Number of Deferred Stock Awards |  | Weighted-Average Grant Date Fair Value per Award |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2020 |  | 10,651 |  |  | $ | 31.14 |  |  |  |  |  |  |
Granted |  | 5,556 |  |  | 30.45 |  |  |  |  |  |  |
Vested |  | (4,306) |  |  | 30.05 |  |  |  |  |  |  |
Forfeited |  | (6,529) |  |  | 28.97 |  |  |  |  |  |  |
Nonvested at December 31, 2020 |  | 5,372 |  |  | $ | 33.93 |  |  | 19.1 |  | $ | 192 |  |  | $ | 151 |

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