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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [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,
 
2019
 
2018
Number of shares at beginning of period
700,628

 
738,187

Granted
212,038

 
224,170

Forfeited
(15,199
)
 
(56,653
)
Vested
(199,156
)
 
(138,952
)
Number of shares at end of period
698,311

 
766,752





The following table represents phantom stock award activity during the periods indicated:
(in thousands)
Number of share equivalents (1)
 
Value of share equivalents (2)
Balance, December 31, 2017
393,844

 
$
30,523

Granted
140,804

 
10,673

Forfeited share equivalents
(45,821
)
 
3,473

Vested share equivalents
(126,019
)
 
10,519

Balance, June 30, 2018
362,808

 
$
27,501

 
 
 
 
Balance, December 31, 2018
353,407

 
$
22,717

Granted
174,991

 
13,273

Forfeited share equivalents
(20,407
)
 
1,548

Vested share equivalents
(101,318
)
 
7,647

Balance, June 30, 2019
406,673

 
$
30,846

(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 $75.85 and $75.80 on June 30, 2019, and 2018, 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, 2017
686,366

 
$
58.24

Granted
96,507

 
81.99

Exercised
(34,745
)
 
53.48

Forfeited or expired
(22,524
)
 
66.80

Outstanding options, June 30, 2018
725,604

 
$
61.36

Exercisable options, June 30, 2018
505,477

 
$
56.55

 
 
 
 
Outstanding options, December 31, 2018
714,420

 
$
61.41

Granted
127,090

 
70.34

Exercised
(21,575
)
 
53.98

Forfeited or expired
(8,787
)
 
70.80

Outstanding options, June 30, 2019
811,148

 
$
62.90

Exercisable options, June 30, 2019
561,789

 
$
58.26
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,
 
2019
 
2018
Expected dividends
2.3
%
 
1.8
%
Expected volatility
24.5
%
 
24.3
%
Risk-free interest rate
2.5
%
 
2.7
%
Expected term (in years)
5.7

 
5.8

Weighted-average grant-date fair value
$
14.44

 
$
18.44
Schedule of Allocation for Share-based Compensation Expense
The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at June 30 of the periods 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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to phantom stock
$
2,451

 
$
2,017

 
$
5,645

 
$
5,013


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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to restricted stock awards and restricted share units
$
5,931

 
$
4,927

 
$
11,154

 
$
9,349

Income tax benefit related to restricted stock awards and restricted share units
1,245

 
1,035

 
2,342

 
1,963


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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to stock options
$
336

 
$
319

 
$
685

 
$
631

Income tax benefit related to stock options
24

 
23

 
50

 
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