Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017 using a Black Scholes Model:



	Three months ended
	March 31, 2018			March 31, 2017
Directors and Officers:
Expected dividend rate	$	0.26		$	0.26
Expected volatility	29.73		%	30.81		%
Risk-free interest rate	2.20		%	1.90		%
Expected life (in years)	5.0			5.0

Employees:
Expected dividend rate	$	0.26		$	0.26
Expected volatility	29.82		%	30.86		%
Risk-free interest rate	2.48		%	1.91		%
Expected life (in years)	5.0			5.0

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of March 31, 2018:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.54 - $32.80	486,601	5.19	$	16.32	$	11,036
$32.85 - $34.10	65,054	5.64	34.06		322
$34.15 - $39.00	9,193	8.90	34.45		42
Total	560,848	5.30	$	18.67	$	11,400

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

Summary of Stock Option Activity

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



	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2017	1,567,109		$	25.27
Granted	1,432,720		34.51
Exercised	(79,081	)	16.93
Forfeited or Expired	(99,150	)	33.84
Outstanding at March 31, 2018	2,821,598		$	29.91
Exercisable at March 31, 2018	560,848		$	18.67

Summary of Unvested Restricted Stock Awards

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



	Shares		Weighted Average Grant Date Fair Value
Unvested at December 31, 2017	341,800		$	25.52
Granted	61,190		34.55
Vested	(47,168	)	23.99
Forfeited	(29,489	)	28.20
Unvested at March 31, 2018	326,333		$	27.20

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended
	March 31, 2018		March 31, 2017
Grant date fair value of awards during the period:	(in thousands)
Options	$	12,527	$	2,874
Restricted stock	2,114		2,600
Total	$	14,641	$	5,474

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	758	$	727
Restricted stock	966		918
Total	$	1,724	$	1,645

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	301	$	791
Restricted stock	162		273
Total	$	463	$	1,064