XML 47 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Stock Compensation and Share Repurchase Plan
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stock Compensation and Share Repurchase Plan Stock Compensation and Share Repurchase Plan
Stock-Based Compensation
The compensation cost related to restricted stock, stock options and restricted stock units in Company stock granted to employees and included in salaries and employee benefits was $8.1 million, $7.0 million and $6.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. The total income tax benefit recognized related to stock-based compensation was $2.1 million, $1.8 million and $1.6 million for the years ended December 31, 2020, 2019, and 2018, respectively.
As of December 31, 2020, there was $10.9 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.79 years, assuming expected performance conditions are met for certain awards.
The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares generally vest over three years, subject to time or time plus performance vesting conditions.  The following table summarizes information about nonvested restricted share activity for the years ended December 31, 2020, 2019, and 2018: 

202020192018
(shares in thousands)Restricted
Shares Outstanding
Weighted Average
Grant Date
Fair Value
Restricted Shares OutstandingWeighted Average
Grant Date
Fair Value
Restricted
Shares Outstanding
Weighted Average
Grant Date
Fair Value
Balance, beginning of period1,183 $18.94 979 $19.10 1,248 $16.61 
Granted766 $15.09 628 $17.74 521 $21.76 
Vested/released(491)$18.49 (388)$17.34 (554)$16.81 
Forfeited/expired(116)$17.91 (36)$19.58 (236)$17.19 
Balance, end of period1,342 $17.02 1,183 $18.94 979 $19.10 

The total fair value of restricted shares vested and released was $9.1 million, $6.7 million, and $11.9 million, for the years ended December 31, 2020, 2019 and 2018, respectively.

For the years ended December 31, 2020, 2019 and 2018, the Company received income tax benefits of $2.1 million, $1.8 million, and $3.4 million, respectively, related to the vesting of restricted shares. The tax deficiency or benefit is recorded as income tax expense or benefit in the period the shares are vested.

Share Repurchase Plan- The Company's share repurchase plan authorizes the repurchase of up to 15 million shares of common stock. The repurchase program has been extended multiple times by the board with the current expiration date of July 31, 2021. As of December 31, 2020, a total of 9.5 million shares remain available for repurchase. The Company repurchased 331,000, 300,000, and 327,000 shares under the repurchase plan in the years ended December 31, 2020, 2019, and 2018, respectively. The timing and amount of future repurchases will depend upon the market price for the Company's common stock, securities laws and regulations restricting repurchases, asset growth, earnings, and capital plan.
The Company also has restricted stock plans which provide for the payment of withholding taxes or the option exercise price by tendering previously owned or recently vested shares. Restricted shares cancelled to pay withholding taxes totaled 163,000, 115,000, and 187,000 shares during the years ended December 31, 2020, 2019 and 2018, respectively.