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Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The components of the Company’s shared-based compensation expense for the nine months ended September 30, 2020 and 2019 are as follows:
Nine Months Ended September 30,
20202019
(in thousands)
Stock options$1,594 $1,970 
Restricted stock and restricted stock units3,898 2,980 
Employee Stock Purchase Plan425 518 
Total pre-tax share-based compensation expense charged against income1
$5,917 $5,468 
1.Share-based compensation expense is recorded in cost of services and selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income.
Summary of Other Information of Stock Option Plans
A summary of stock options outstanding under as of December 31, 2019 and changes during the nine months ended September 30, 2020 are as follows:
Stock Options Outstanding
Number of SharesWeighted Average Exercise Price
(in thousands)
December 31, 20192,107 $32.99 
Granted215 $24.49 
Exercised(101)$17.72 
Forfeited(12)$37.66 
Expired(46)$32.18 
September 30, 20202,163 $32.85 
Assumption For Fair Value of Options Granted
The fair value of stock option awards granted in 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Nine Months Ended September 30,
20202019
Risk-free interest rate1.8 %2.5 %
Weighted average expected life6.6 years5.7 years
Expected volatility26.6 %22.6 %
Dividend yield3.2 %1.9 %
Summarized Information of Stock Options Outstanding
The following table summarizes other information about the stock options at September 30, 2020:
September 30, 2020
(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value$809 
Weighted average remaining contractual life5.4 years
Exercisable:
Number of options1,440 
Weighted average exercise price$31.09 
Aggregate intrinsic value$809 
Weighted average remaining contractual life4.2 years
Summary of Outstanding Restricted Stock Units and Restricted Stock
A summary of the outstanding restricted stock units and restricted stock as of December 31, 2019 and changes during the nine months ended September 30, 2020 is as follows:
Restricted Stock Units and Restricted Stock
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2019362 $43.24 
Granted307 $24.43 
Vested(94)$42.40 
Forfeited(13)$32.83 
September 30, 2020562 $33.33 
Options Granted Estimated Expense Valuation Assumptions
The expense associated with the options granted under the ESPP during the nine months ended September 30, 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

Nine Months Ended September 30,
20202019
Risk-free interest rate1.6%2.6%
Weighted average expected life (years)1.01.0
Expected volatility42.0%30.8%
Dividend yield3.3%1.9%
Summary of ESPP Annual Offerings
The following table summarizes information about the SERP during the nine months ended September 30, 2020 and 2019:
Nine Months Ended September 30,
 20202019
(in thousands)
SERP expense 1
$444 $497 
Unrealized gain recorded in SERP liability account$3,973 $4,964 
1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.