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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award  
Activity Related to Stock Options
The following table represents the activity related to stock options during the periods indicated:
 
Number of shares
 
Weighted
Average
Exercise Price
Outstanding options, December 31, 2014
867,682

 
$
55.92

Granted
81,313

 
62.53

Exercised
(95,265
)
 
50.64

Forfeited or expired
(15,733
)
 
66.57

Outstanding options, September 30, 2015
837,997

 
$
56.96

Exercisable options, September 30, 2015
570,148

 
$
56.53

 
 
 
 
Outstanding options, December 31, 2013
1,072,829

 
$
53.47

Granted
77,098

 
65.30

Exercised
(234,363
)
 
48.36

Forfeited or expired
(13,446
)
 
60.82

Outstanding options, September 30, 2014
902,118

 
$
55.70

Exercisable options, September 30, 2014
581,423

 
$
55.65
Estimate Fair Value of Share Option Awards with Weighted-Average Assumptions
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the nine-month periods ended September 30:
 
2015
 
2014
Expected dividends
2.2
%
 
2.1
%
Expected volatility
35.6
%
 
35.8
%
Risk-free interest rate
2.0
%
 
2.3
%
Expected term (in years)
7.5

 
7.5

Weighted-average grant-date fair value
$
19.60

 
$
21.25
Unvested Restricted Stock Award and Restricted Share Unit Activity
The following table represents unvested restricted stock award and restricted share unit activity for the nine months ended September 30:
 
2015
 
2014
Balance at beginning of period
506,289

 
523,756

Granted
203,762

 
165,634

Forfeited
(23,471
)
 
(18,171
)
Earned and issued
(170,513
)
 
(152,112
)
Balance at end of period
516,067

 
519,107
Schedule of Share and Dividend Equivalent Share Award Activity
The following table represents phantom stock award and performance unit activity during the periods indicated:
 
Number of share
equivalents
 
Dividend
equivalents
 
Total share
equivalents
 
Value of share
equivalents (1)
Balance, December 31, 2014
460,212

 
22,648

 
482,860

 
$
31,313,000

Granted
156,505

 
7,261

 
163,766

 
9,533,000

Forfeited share equivalents
(29,180
)
 
(1,541
)
 
(30,721
)
 
(1,788,000
)
Vested share equivalents
(130,380
)
 
(9,134
)
 
(139,514
)
 
(8,829,000
)
Balance, September 30, 2015
457,157

 
19,234

 
476,391

 
$
27,731,000

 
 
 
 
 
 
 
 
Balance, December 31, 2013
417,238

 
22,351

 
439,589

 
$
27,628,000

Granted
115,620

 
7,147

 
122,767

 
7,674,000

Forfeited share equivalents
(19,498
)
 
(1,751
)
 
(21,249
)
 
(1,328,000
)
Vested share equivalents
(68,480
)
 
(6,615
)
 
(75,095
)
 
(5,002,000
)
Balance, September 30, 2014
444,880

 
21,132

 
466,012

 
$
29,130,000


(1)
Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $58.21 and $62.51 on September 30, 2015, and 2014, respectively.
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table represents the compensation expense that is included in non-interest expense in the accompanying consolidated statements of comprehensive income related to stock options for the three-month and nine-month periods ended September 30:
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Compensation expense related to stock options
$
455

 
$
508

 
$
1,400

 
$
1,545
Restricted Stock Awards and Restricted Share Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table represents the compensation expense that was included in non-interest expense in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the three-month and nine-month periods ended September 30:
 
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Compensation expense related to restricted stock awards and restricted share units
$
2,935

 
$
2,497

 
$
8,739

 
$
7,382
Phantom Stock and Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at September 30 of the periods indicated and the current market price of the Company’s stock at that time:
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Compensation expense related to phantom stock and performance units
$
2,976

 
$
619

 
$
9,482

 
$
3,692