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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022 and 2021 using a Black Scholes-Merton Model:
 Six months ended
 June 30, 2022June 30, 2021
Directors and SLT1:
  
Expected dividend rate$0.38$0.38
Expected volatility35.95%35.78%
Risk-free interest rate2.17%0.51%
Expected life (in years)4.04.0
Employees:  
Expected dividend rate$0.38$0.38
Expected volatility37.29%38.70%
Risk-free interest rate2.11%0.30%
Expected life (in years)3.03.0
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 six months ended June 30, 2022 and 2021 using a Monte Carlo Model:
 Six months ended
 June 30, 2022June 30, 2021
 
Expected dividend rate$0.38$0.38
Expected volatility37.60%39.10%
Risk-free interest rate2.00%0.28%
Expected life (in years)2.82.8
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of June 30, 2022:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$8.17 -$41.37 1,344,401 5.66$36.47 $24,583 
$42.42 -$54.20 320,338 7.5944.68 3,229 
$54.29 -$79.81 115,256 8.6372.52 — 
Total1,779,995 6.20$40.29 $27,812 
 
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 
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, 2021
3,365,469 $42.88 
Granted
402,145 54.26 
Exercised
(174,684)36.54 
Forfeited or Expired
(46,878)51.19 
Outstanding at June 30, 2022
3,546,052 $44.38 
Exercisable at June 30, 2022
1,779,995 $40.29 
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, 2021
161,225 $46.08 
Granted
59,461 53.06 
Vested
(68,199)44.78 
Forfeited
(1,225)49.41 
Unvested at June 30, 2022
151,262 $49.38 
Schedule of Nonvested Key Employee Award Activity
A summary of the unvested Key Employee Awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2021
26,599 $80.18 
Granted
— — 
Vested
— — 
Forfeited
— — 
Unvested at June 30, 2022
26,599 $80.18 
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, 2021
16,851 $87.78 
Granted
46,521 44.74 
Vested
— — 
Forfeited
— — 
Unvested at June 30, 2022
63,372 $56.18 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedSix Months Ended
 June 30,
2022		June 30,
2021		June 30,
2022		June 30,
2021
Grant date fair value of awards during the period:(in thousands)
Options$650 $205 $5,499 $6,718 
PSUs219 84 2,081 1,590 
Restricted stock1,018 773 3,155 2,173 
Total$1,887 $1,062 $10,735 $10,481 
Share-based compensation expense:
Options$2,339 $2,264 $4,379 $4,427 
PSUs292 148 477 189 
Restricted stock843 620 1,522 1,177 
Key employee awards322 — 530 — 
Total$3,796 $3,032 $6,908 $5,793 
Income tax benefit/(deficiency) related to share-based compensation:
Options$198 $275 $491 $2,570 
Restricted stock9 204 228 819 
Total$207 $479 $719 $3,389