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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Six Months Ended June 30
 
2017
 
2016
Balance at beginning of period
543,258

 
507,130

Granted
163,353

 
240,699

Forfeited
(9,951
)
 
(9,040
)
Earned and issued
(185,092
)
 
(172,356
)
Balance at end of period
511,568

 
566,433

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
192,359

 
11,490

Forfeited share equivalents
(16,283
)
 
973

Vested share equivalents
(147,511
)
 
7,452

Balance, June 30, 2016
490,995

 
$
29,327

 
 
 
 
Balance, December 31, 2016
472,830

 
$
39,600

Granted
105,048

 
8,561

Forfeited share equivalents
(15,104
)
 
1,231

Vested share equivalents
(150,409
)
 
14,246

Balance, June 30, 2017
412,365

 
$
33,608

(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 $81.50 and $59.73 on June 30, 2017, and 2016, respectively.
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
149,932

 
47.46

Exercised
(8,811
)
 
55.62

Forfeited or expired
(45,723
)
 
60.97

Outstanding options, June 30, 2016
909,175

 
$
55.23

Exercisable options, June 30, 2016
598,469

 
$
56.31

 
 
 
 
Outstanding options, December 31, 2016
721,538

 
$
55.38

Granted
71,491

 
85.42

Exercised
(64,163
)
 
55.05

Forfeited or expired
(15,091
)
 
74.72

Outstanding options, June 30, 2017
713,775

 
$
58.01

Exercisable options, June 30, 2017
470,841

 
$
55.79
Schedule of Valuation Assumptions
The following weighted-average assumptions were used for option awards issued during the following periods:
 
For the Six Months Ended June 30
 
2017
 
2016
Expected dividends
1.7
%
 
2.9
%
Expected volatility
24.9
%
 
29.1
%
Risk-free interest rate
2.1
%
 
1.4
%
Expected term (in years)
5.6

 
6.5

Weighted-average grant-date fair value
$
18.76

 
$
10.10
Schedule of Allocation for Share-based Compensation Expense
The following table represents the compensation expense that was included in non-interest expense and related income tax benefits 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 June 30
 
For the Six Months Ended June 30
(Dollars in thousands)
2017
 
2016
 
2017
 
2016
Compensation expense related to restricted stock awards and restricted share units
$
3,045

 
$
3,329

 
$
6,322

 
$
6,715

Income tax benefit related to restricted stock awards and restricted share units
1,066

 
1,165

 
2,213

 
2,350

The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
 
For the Three Months Ended June 30
 
For the Six Months Ended June 30
(Dollars in thousands)
2017
 
2016
 
2017
 
2016
Compensation expense related to stock options
$
344

 
$
502

 
$
789

 
$
987

Income tax benefit related to stock options
47

 
81

 
115

 
162

The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at June 30 of the years indicated and the current market price of the Company’s stock at that time:
 
For the Three Months Ended June 30
 
For the Six Months Ended June 30
(Dollars in thousands)
2017
 
2016
 
2017
 
2016
Compensation expense related to phantom stock and performance units
$
2,889

 
$
2,793

 
$
5,942

 
$
5,198