Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Share Based Compensation [Abstract]

Details of Equity-Based Compensation Expense

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

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2017		2016		2017		2016
Employee equity-based compensation expense:
Performance shares	$	905	$	951	$	1,773	$	1,705
Restricted stock units		286		271		575		471
Total employee equity-based compensation expense	$	1,191	$	1,222	$	2,348	$	2,176
Deferred compensation stock equivalent units expense	$	161	$	220	$	322	$	420
Total tax benefit recognized for share-based expense	$	96	$	89	$	189	$	155

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 the performance share awards in 2017 and 2016:

	Six Months Ended June 30,
	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 June 30, 2017, and changes during the six months ended June 30, 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
Forfeited		(2,187	)	$	39.15
Unvested shares outstanding at June 30		279,634		$	38.47	$	12,779

Summary of Outstanding RSU Awards

The following table summarizes outstanding RSU awards as of June 30, 2017, and changes during the six months ended June 30, 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		26,507		$	43.64
Vested		(2,000	)	$	32.85
Forfeited		(728	)	$	32.70
Unvested shares outstanding at June 30		95,199		$	34.93	$	4,351