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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the three months ended March 31, 2017 and 2016 using a Black Scholes Model:



	Three months ended
	March 31, 2017			March 31, 2016
Director and Officers:
Expected dividend rate	$	0.26		$	0.22
Expected volatility	30.81		%	42.38		%
Risk-free interest rate	1.90		%	2.02		%
Expected life (in years)	5.0			8.0

Employees:
Expected dividend rate	$	0.26		$	0.22
Expected volatility	30.86		%	42.34		%
Risk-free interest rate	1.91		%	2.03		%
Expected life (in years)	5.0			8.0

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of March 31, 2017:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.54-$22.76	341,654	5.41	$	11.31	$	8,213
$23.57-$32.80	18,002	7.52	24.19		201
$32.85-$36.70	—	—	—		—
Total	359,656	5.52	$	11.96	$	8,414

The following is a summary of stock options vested and exercisable as of March 31, 2016:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.31-$8.65	317,618	4.99	$	7.34	$	6,563
$8.70-$22.76	32,987	7.59	15.95		398
$23.57-$25.84	7,664	8.91	23.57		34
Total	358,269	5.31	$	8.48	$	6,995

Summary of Stock Option Activity

A summary of option activity under the plans is as follows:



Options	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2016	1,450,704		$	21.33
Granted	321,390		34.14
Exercised	(92,065	)	9.76
Forfeited or Expired	(28,132	)	28.93
Outstanding at March 31, 2017	1,651,897		$	24.34
Exercisable at March 31, 2017	359,656		$	11.96

Summary of Unvested Restricted Stock Awards

A summary of the unvested restricted stock awards is as follows:



Restricted stock	Shares		Weighted Average Grant Date Fair Value
Unvested at December 31, 2016	408,162		$	20.47
Granted	78,785		33.00
Vested	(47,496	)	20.02
Forfeited	(831	)	19.42
Unvested at March 31, 2017	438,620		$	22.77

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended
	March 31, 2017		March 31, 2016
Grant date fair value of awards during the period:	(in thousands)
Options	$	2,874	$	780
Restricted stock	2,600		1,899
Total	$	5,474	$	2,679

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	727	$	337
Restricted stock	918		611
Total	$	1,645	$	948

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	791	$	713
Restricted stock	273		32
Total	$	1,064	$	745

Schedule of Quantitative Effects on Consolidated Financial Statements

The following table displays the prior period quantitative effects on the consolidated financial statements:



	Three months ended
	March 31, 2016
	As Reported		As Restated
	(in thousands, except share and per share data)
Consolidated Statement of Income
Income tax provision	$	6,211	$	5,466
Net income	10,806		11,551
Earnings per share:
Basic	$	0.20	$	0.22
Diluted	0.20		0.22
Weighted average shares outstanding:
Diluted	53,430,103		53,593,269

Consolidated Statement of Cash Flows
Change in income taxes	$	6,734	$	5,989