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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020 using a Black Scholes-Merton Model:
 Nine months ended
 September 30, 2021September 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 volatility38.69%31.31%
Risk-free interest rate0.30%0.68%
Expected life (in years)3.05.0
1 Senior Leadership Team ("SLT") consists 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 nine months ended September 30, 2021 using a Monte Carlo Model:
 Nine months ended
 September 30, 2021
Expected dividend rate$0.38
Expected volatility39.10%
Risk-free interest rate0.28%
Expected life (in years)2.60
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of September 30, 2021:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$8.17 -$40.87 593,901 4.88$30.33 $20,790 
$41.37 -$41.37 415,541 6.7241.37 9,961 
$42.42 -$73.36 139,605 8.3645.08 2,828 
Total1,149,047 5.97$36.12 $33,579 
 
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 
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
360,980 72.93 
Exercised
(412,284)35.35 
Forfeited or Expired
(140,077)48.51 
Outstanding at September 30, 2021
3,561,564 $42.49 
Exercisable at September 30, 2021
1,149,047 $36.12 
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
32,600 69.12 
Vested
(89,523)35.85 
Forfeited
(7,051)49.81 
Unvested at September 30, 2021
160,717 $45.29 
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
18,483 87.78 
Vested
— — 
Forfeited
(1,632)87.78 
Unvested at September 30, 2021
16,851 $87.78 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedNine Months Ended
 September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Grant date fair value of awards during the period:(in thousands)
Options$152 $258 $6,870 $12,332 
Performance awards32 — 1,622 — 
Restricted stock80 — 2,253 3,316 
Total$264 $258 $10,745 $15,648 
Share-based compensation expense:
Options$2,167 $2,208 $6,594 $6,136 
Performance awards166 — 355 — 
Restricted stock658 644 1,835 2,410 
Total$2,991 $2,852 $8,784 $8,546 
Income tax benefit/(deficiency) related to share-based compensation:
Options$440 $579 $3,010 $1,990 
Restricted stock1 9 820 503 
Total$441 $588 $3,830 $2,493