Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

The fair value of options granted was determined using the following weighted-average assumptions as of grant date.


	2019		2018		2017
Risk-free interest rate	1.68	%	3.10	%	2.05	%
Expected term	7 years		7.5 years		6.9 years
Expected stock price volatility	29.73	%	30.79	%	33.21	%
Dividend yield	0.60	%	—	%	0.03	%

Summary of Company's Stock Option Activities

A summary of the activity with respect to stock options for the years ended December 31, 2019, 2018 and 2017 follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2017	1,395,016	$	16.70
Granted	295,820	37.68
Exercised	(180,555)	11.87
Forfeited, expired, or cancelled	(3,113)	25.37
Outstanding at December 31, 2017	1,507,168	$	21.37
Granted	572,637	30.48
Exercised	(244,309)	16.83
Forfeited, expired, or cancelled	(27,574)	28.66
Outstanding at December 31, 2018	1,807,922	$	24.68
Granted	102,930	27.86
Exercised	(326,818)	17.87
Forfeited, expired, or cancelled	(84,464)	33.64
Outstanding at December 31, 2019	1,499,570	$	22.39	6.46	$	12,676
Vested or expected to vest	1,424,592	$	25.88	5.85	$	12,042
Exercisable at December 31, 2019	832,993	$	19.62	5.85	$	12,251

Summary of Stock Options Exercised


	2019		2018		2017
Stock options exercised:
Intrinsic value of options exercised	$	4,268	$	4,873	$	4,878
Cash received from options exercised	5,307		3,047		1,615
Tax benefit realized from option exercises	86		565		484

Summary of Activity for Nonvested Restricted Share Awards

A summary of activity for non-vested restricted share awards for the year ended December 31, 2019, 2018 and 2017 is as follows:


Non-vested Shares	Shares	Weighted- Average Grant-Date Fair Value
Non-vested at January 1, 2017	106,458	$	19.81
Granted	27,282	37.35
Vested	(38,995)	18.40
Forfeited	(564)	28.66
Non-vested at December 31, 2017	94,181	$	25.42
Granted	126,288	33.04
Vested	(40,134)	26.69
Forfeited	(3,819)	31.80
Non-vested at December 31, 2018	176,516	$	31.07
Granted	1,255	31.87
Vested	(85,151)	29.51
Forfeited	(1,628)	31.42
Non-vested at December 31, 2019	90,992	$	32.54

Schedule of Restricted Stock

The Company began granting restricted stock units in 2019. The following table outlines restricted stock units that were granted, grouped by similar vesting criteria, during the twelve months ended December 31, 2019:


Grant Year	Units Awarded	Service Period	Period in which units to be settled into shares of common stock
2019	3,447	0.5 years	2019
2019	156,804	3 years	2022