Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2018 and 2017 using a Black Scholes Model:



	Nine months ended
	September 30, 2018			September 30, 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		%	30.70		%
Risk-free interest rate	2.48		%	1.88		%
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 September 30, 2018:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$5.67 - $32.80	362,715	5.54	$	18.14	$	7,132
$32.85 - $33.80	5,484	4.08	33.18		25
$34.00 - $40.60	81,417	5.87	34.32		283
Total	449,616	5.58	$	21.25	$	7,440

The following is a summary of stock options vested and exercisable as of September 30, 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	374,792	4.61	$	10.96	$	4,209
$23.57 - $32.80	41,490	7.86	25.61		18
$32.85 - $37.30	—	—	—		—
Total	416,282	4.93	$	12.42	$	4,227

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	1,444,520		34.52
Exercised	(234,359	)	14.95
Forfeited or Expired	(229,244	)	32.84
Outstanding at September 30, 2018	2,548,026		$	30.80
Exercisable at September 30, 2018	449,616		$	21.25

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	104,675		32.28
Vested	(102,333	)	24.68
Forfeited	(32,778	)	28.12
Unvested at September 30, 2018	311,364		$	27.80

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended				Nine months ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Grant date fair value of awards during the period:	(in thousands)
Options	$	53	$	121	$	12,633	$	3,628
Restricted stock	18		—		3,379		4,182
Total	$	71	$	121	$	16,012	$	7,810

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	1,076	$	620	$	3,202	$	2,050
Restricted stock	839		811		2,412		2,910
Total	$	1,915	$	1,431	$	5,614	$	4,960

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	379	$	126	$	980	$	1,411
Restricted stock	26		131		245		836
Total	$	405	$	257	$	1,225	$	2,247