XML 57 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
 
2018
 
2017
 
2016
 
(in thousands)
Compensation expense
$
7,965

 
$
5,209

 
$
6,556

Tax benefit
(2,625
)
 
(3,994
)
 
(2,679
)
Stock-based compensation, net of tax
$
5,340

 
$
1,215

 
$
3,877
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation in the preceding table:
 
2018
 
2017
 
2016
 
(in thousands)
Compensation expense
$
7,124

 
$
4,922

 
$
6,165

Tax benefit
(1,585
)
 
(1,559
)
 
(2,158
)
Restricted stock compensation, net of tax
$
5,539

 
$
3,363

 
$
4,007
Schedule of Share-based Compensation, Stock Options, Activity
The following table provides information about stock option activity for the year ended December 31, 2018:
 
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding and exercisable as of December 31, 2017
878,202

 
$
10.66

 
 
 
 
Exercised
(214,845
)
 
10.29

 
 
 
 
Forfeited
(1,117
)
 
9.84

 
 
 
 
Expired
(3,472
)
 
9.78

 
 
 
 
Outstanding and exercisable as of December 31, 2018
658,768

 
$
10.75

 
4.1 years
 
$
3.0

Exercisable as of December 31, 2018
658,768

 
$
10.75

 
4.1 years
 
$
3.0
Schedule of Nonvested Share Activity
The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2018:
 
 
Restricted Stock/RSUs/PSUs(1)
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Nonvested as of December 31, 2017
 
1,306,937

 
$
13.91

Granted
 
536,172

 
17.15

Vested
 
(438,596
)
 
12.76

Forfeited
 
(36,020
)
 
16.18

Nonvested as of December 31, 2018
 
1,368,493

 
$
15.49



(1) There were no nonvested stock options at December 31, 2018 or 2017.
Schedule Of Options Exercised
The following table presents information about stock options exercised:
 
2018
 
2017
 
2016
 
(dollars in thousands)
Number of options exercised
214,845

 
411,292

 
920,924

Total intrinsic value of options exercised
$
1,616

 
$
2,955

 
$
4,619

Cash received from options exercised
$
2,210

 
$
4,644

 
$
10,240

Tax deduction realized from options exercised
$
1,386

 
$
2,825

 
$
4,328
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table:
 
2018

 
2017

 
2016

Risk-free interest rate
2.63
%
 
1.43
%
 
0.92
%
Volatility of Corporation’s stock
23.50
%
 
22.45
%
 
20.75
%
Expected life of PSUs
3 Years

 
3 Years

 
3 Years
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The following table summarizes activity under the ESPP:
 
2018
 
2017
 
2016
ESPP shares purchased
110,200

 
98,000

 
109,665

Average purchase price per share (85% of market value)
$
14.74

 
$
15.28

 
$
12.37

Compensation expense recognized (in thousands)
$
287

 
$
261

 
$
240