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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2015
813,777

 
$
56.99

Granted
148,684

 
47.35

Exercised
(466
)
 
36.48

Forfeited or expired
(43,612
)
 
61.26

Outstanding options, March 31, 2016
918,383

 
$
55.24

Exercisable options, March 31, 2016
606,046

 
$
56.32

 
 
 
 
Outstanding options, December 31, 2014
867,682

 
$
55.92

Granted
78,856

 
62.54

Exercised
(61,884
)
 
49.89

Forfeited or expired
(10,469
)
 
71.52

Outstanding options, March 31, 2015
874,185

 
$
56.76

Exercisable options, March 31, 2015
579,727

 
$
56.22
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 following periods:
 
For the Three Months Ended March 31
 
2016
 
2015
Expected dividends
2.9
%
 
2.2
%
Expected volatility
29.1
%
 
35.6
%
Risk-free interest rate
1.4
%
 
2.0
%
Expected term (in years)
6.4

 
7.5

Weighted-average grant-date fair value
$
10.05

 
$
19.61
Unvested Restricted Stock Award and Restricted Share Unit Activity
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Three Months Ended March 31
 
2016
 
2015
Balance at beginning of period
507,130

 
506,289

Granted
226,176

 
142,196

Forfeited
(3,573
)
 
(10,267
)
Earned and issued
(136,126
)
 
(116,583
)
Balance at end of period
593,607

 
521,635
Schedule of Share and Dividend Equivalent Share Award Activity
The following table represents phantom stock award and performance unit activity during the periods indicated:
(Dollars in thousands)
Number of share
equivalents (1)
 
Value of share
equivalents (2)
Balance, December 31, 2015
462,430

 
$
25,466

Granted
185,798

 
9,526

Forfeited share equivalents
(9,022
)
 
463

Vested share equivalents
(138,752
)
 
6,939

Balance, March 31, 2016
500,454

 
$
25,658

 
 
 
 
Balance, December 31, 2014
475,347

 
$
30,826

Granted
136,413

 
8,598

Forfeited share equivalents
(9,896
)
 
624

Vested share equivalents
(114,616
)
 
7,209

Balance, March 31, 2015
487,248

 
$
30,711


(1) 
Number of share equivalents includes all reinvested dividend equivalents for the periods indicated.
(2) 
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 $51.27 and $63.03 on March 31, 2016, and 2015, 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 following periods:
 
For the Three Months Ended March 31
(Dollars in thousands)
2016
 
2015
Compensation expense related to stock options
$
484

 
$
471
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 periods indicated:
 
 
For the Three Months Ended March 31
(Dollars in thousands)
2016
 
2015
Compensation expense related to restricted stock awards and restricted share units
$
3,386

 
$
2,972
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 March 31 of the periods indicated and the current market price of the Company’s stock at that time:
 
For the Three Months Ended March 31
(Dollars in thousands)
2016
 
2015
Compensation expense related to phantom stock and performance units
$
2,405

 
$
3,171