The Company maintains incentive compensation plans that incorporate share-based payment arrangements for associates and directors. The current plan under which share-based awards may be granted, the 2020 Long Term Incentive Plan (the “2020 Plan”), was approved by the Company’s stockholders at the 2020 annual meeting as a successor to the Company’s 2014 Long-Term Incentive Plan (the “2014 Plan”). Certain share-based awards remain outstanding under the 2014 Plan and prior equity incentive compensation plans, but no future awards may be granted thereunder.

The Compensation Committee of the Company’s Board of Directors administers the equity incentive plans, makes determinations with respect to participation by employees or directors and authorizes the share-based awards. Under the 2020 Plan, participants may be awarded stock options (including incentive stock options for associates), restricted shares, performance stock awards and stock appreciation rights, all on a stand-alone, combination or tandem basis. To date, the Committee has awarded stock options, tenure-based restricted shares and performance stock awards under the 2020 Plan and the prior equity incentive plans.

Under the 2020 Plan, future awards may be granted for the issuance of an aggregate of 2,500,000 shares of the Company’s common stock, plus a number of additional shares of the Company’s common stock (not to exceed 1,000,000) for which awards under the 2014 Plan are cancelled, expired, forfeited or otherwise not issued, or settled in cash. The 2020 Plan limits the number of shares for which awards may be granted to any participant during any calendar year to 250,000 shares. The Company may use authorized unissued shares or shares held in treasury to satisfy awards under the 2020 Plan.

As of December 31, 2021 there were 1.7 million shares available for future issuance under the 2020 equity compensation plan.

For the years ended December 31, 2021, 2020, and 2019, total share-based compensation expense recognized in income was $22.4 million, $21.1 million and $20.9 million, respectively. The total recognized tax benefit related to the share-based compensation was $9.9 million, $4.9 million and $5.5 million for 2021, 2020, and 2019, respectively.

At December 31, 2021, the Company had 9,106 outstanding and exercisable stock options, with a weighted average exercise price of $33.62, weighted average remaining contractual term of less than 1 year, and an aggregate intrinsic value of $ 0.2 million.

The total intrinsic value of options exercised during the year ended December 31, 2021 was $0.2 million. There were no exercises of stock options during the year ended December 31, 2020.

A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2021 is presented below:

	Number of Shares			Weighted- Average Grant-Date Fair Value ($)
Nonvested at January 1, 2021		1,886,853		$	34.77
Granted		248,470			37.26
Vested		(498,829	)		36.47
Cancelled/Forfeited		(183,409	)		35.01
Nonvested at December 31, 2021		1,453,085		$	34.58

At December 31, 2021, there was $41.8 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest in future periods. This compensation is expected to be recognized in expense over a weighted-average period of 2.8 years. The fair value of shares vested totaled $18.7 million and $20.1 million during the years ended December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, the Company granted 60,996 performance shares subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $38.49 per share and 60,996 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $32.17 per share to key members of executive management. The number of performance shares subject to TSR that ultimately vest at the end of the three-year performance period, if any, will be based on the relative rank of the Company’s three-year TSR among the TSRs of a peer group of 48 regional banks. The fair value of the performance shares subject to TSR at the grant date was determined using a Monte Carlo simulation method. The number of performance shares subject to operating earnings per share that ultimately vest will be based on the Company’s attainment of certain operating earnings per share goals over the two-year performance period. The maximum number of performance shares that could vest is 200% of the target award. Compensation expense for these performance shares is recognized on a straight-line basis over the three-year service period.