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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
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, 2020 and 2019 using a Black Scholes-Merton Model:
 Nine months ended
 September 30, 2020September 30, 2019
Directors and Officers:  
Expected dividend rate$0.33$0.32
Expected volatility31.63%29.54%
Risk-free interest rate0.64%2.40%
Expected life (in years)5.05.0
Employees:  
Expected dividend rate$0.32$0.32
Expected volatility31.31%29.54%
Risk-free interest rate0.68%2.39%
Expected life (in years)5.05.0
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of September 30, 2020:
 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$7.18 -$36.95 526,235 5.51$28.03 $16,957 
$37.00 -$40.87 1,978 7.3438.50 43 
$41.37 -$60.32 210,496 8.1941.53 3,940 
Total738,709 6.28$31.90 $20,940 
 
The following is a summary of stock options vested and exercisable as of September 30, 2019:

Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$7.18 -$33.20 350,549 5.29$21.07 $8,717 
$33.40 -$40.87 124,622 7.7935.63 1,284 
$41.37 -$50.68 4,070 0.6741.37 19 
Total479,241 5.90$25.03 $10,020 
Summary of Stock Option Activity
A summary of stock option activity under the plans is as follows:
Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2019
3,627,047 $36.32 
Granted
1,038,542 44.84 
Exercised
(547,808)33.80 
Forfeited or Expired
(214,838)40.48 
Outstanding at September 30, 2020
3,902,943 $38.71 
Exercisable at September 30, 2020
738,709 $31.90 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:
Restricted StockSharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2019
267,484 $34.42 
Granted
76,148 43.54 
Vested
(108,215)32.55 
Forfeited
(8,216)39.88 
Unvested at September 30, 2020
227,201 $38.17 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows: 
Three Months EndedNine Months Ended
 September 30,
2020		September 30,
2019		September 30,
2020		September 30,
2019
Grant date fair value of awards during the period:(in thousands)
Options$258 $244 $12,332 $20,315 
Restricted stock— — 3,316 4,584 
Total$258 $244 $15,648 $24,899 
Share-based compensation expense:
Options$2,208 $1,539 $6,136 $7,683 
Restricted stock644 529 2,410 2,171 
Total$2,852 $2,068 $8,546 $9,854 
Income tax benefit/(deficiency) related to share-based compensation:
Options$579 $233 $1,990 $964 
Restricted stock9 7 503 462 
Total$588 $240 $2,493 $1,426