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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
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 six months ended June 30, 2021 and 2020 using a Black Scholes-Merton Model:
 Six months ended
 June 30, 2021June 30, 2020
Directors and SLT1:
  
Expected dividend rate$0.38$0.33
Expected volatility35.78%31.63%
Risk-free interest rate0.51%0.64%
Expected life (in years)4.05.0
Employees:  
Expected dividend rate$0.38$0.32
Expected volatility38.70%31.23%
Risk-free interest rate0.30%0.69%
Expected life (in years)3.05.0
1 Senior Leadership Team ("SLT") consist of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the six months ended June 30, 2021 using a Monte Carlo Model:
 Six months ended
 June 30, 2021
 
Expected dividend rate$0.38
Expected volatility39.10%
Risk-free interest rate0.28%
Expected life (in years)2.80
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of June 30, 2021:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$7.18 -$40.87 628,083 5.17$30.25 $20,313 
$41.37 -$41.37 441,965 7.0041.37 9,379 
$42.42 -$75.00 146,869 8.6144.84 2,607 
Total1,216,917 6.25$36.05 $32,299 
 
The following is a summary of stock options vested and exercisable as of June 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 -$36.95 592,236 5.76$27.90 $15,632 
$37.00 -$40.87 6,518 3.2938.16 105 
$41.37 -$57.82 260,412 8.3041.46 3,340 
Total859,166 6.51$32.09 $19,077 
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, 2020
3,752,945 $39.00 
Granted
352,258 73.08 
Exercised
(335,563)35.31 
Forfeited or Expired
(95,846)48.92 
Outstanding at June 30, 2021
3,673,794 $42.35 
Exercisable at June 30, 2021
1,216,917 $36.05 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2020
224,691 $38.22 
Granted
31,397 69.22 
Vested
(89,295)35.84 
Forfeited
(5,690)51.19 
Unvested at June 30, 2021
161,103 $45.12 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2020
— $— 
Granted
18,114 87.78 
Vested
— — 
Forfeited
(1,632)87.78 
Unvested at June 30, 2021
16,482 $87.78 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedSix Months Ended
 June 30,
2021		June 30,
2020		June 30,
2021		June 30,
2020
Grant date fair value of awards during the period:(in thousands)
Options$205 $1,169 $6,718 $12,074 
Performance awards84 — 1,590 — 
Restricted stock773 806 2,173 3,316 
Total$1,062 $1,975 $10,481 $15,390 
Share-based compensation expense:
Options$2,264 $2,296 $4,427 $3,928 
Performance awards148 — 189 — 
Restricted stock620 1,047 1,177 1,766 
Total$3,032 $3,343 $5,793 $5,694 
Income tax benefit/(deficiency) related to share-based compensation:
Options$275 $680 $2,570 $1,411 
Restricted stock204 160 819 494 
Total$479 $840 $3,389 $1,905