Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Details of Equity-Based Compensation Expense

The following table details equity-based compensation expense and the related income tax benefit:

	Three Months Ended March 31,
(Dollars in thousands)	2017		2016
Employee equity-based compensation expense:
Performance shares	$	868	$	754
Restricted stock units		289		200
Total employee equity-based compensation expense	$	1,157	$	954

Deferred compensation stock equivalent units expense	$	161	$	200

Total tax benefit recognized for share-based expense	$	93	$	66

Fair Value of Performance Share Awards

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of performance share awards in 2017 and 2016:

	Three Months Ended March 31,
	2017			2016
Stock price as of valuation date	$	43.60		$	25.92
Risk-free rate		1.61	%		0.88	%
Expected volatility		24.22	%		23.82	%
Expected dividends		3.44	%		5.79	%
Expected term (years)		3.00			3.00
Fair value	$	53.85		$	30.02

Summary of Outstanding Performance Share Awards

The following table summarizes outstanding performance share awards as of March 31, 2017, and changes during the three months ended March 31, 2017:

(Dollars in thousands, except grant date fair value)	Shares		Weighted-Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1		203,788	$	32.59
Granted		78,033	$	53.85
Unvested shares outstanding at March 31		281,821	$	38.48	$	10,844

Summary of Outstanding RSU Awards

The following table summarizes outstanding RSU awards as of March 31, 2017, and changes during the three months ended March 31, 2017:

(Dollars in thousands, except grant date fair value)	Shares			Weighted-Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1		71,420		$	31.61
Granted		26,007		$	43.60
Vested		(500	)	$	25.92
Unvested shares outstanding at March 31		96,927		$	34.86	$	4,430