Stock Compensation and Share Repurchase Plan

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stock Compensation and Share Repurchase Plan

Stock Compensation and Share Repurchase Plan

Stock-Based Compensation

The compensation cost related to restricted stock in Company stock granted to employees and included in salaries and employee benefits was $9.5 million, $8.1 million and $7.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. The total income tax benefit recognized related to stock-based compensation was $2.4 million, $2.1 million and $1.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

As of December 31, 2021, there was $12.4 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.84 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, 2021, 2020, and 2019: 

	2021			2020			2019
(shares in thousands)	Restricted Shares Outstanding	Weighted Average Grant Date Fair Value		Restricted Shares Outstanding	Weighted Average Grant Date Fair Value		Restricted Shares Outstanding	Weighted Average Grant Date Fair Value
Balance, beginning of period	1,342	$	17.02	1,183	$	18.94	979	$	19.10
Granted	631	$	18.41	766	$	15.09	628	$	17.74
Vested/released	(555)	$	17.17	(491)	$	18.49	(388)	$	17.34
Forfeited/expired	(33)	$	17.54	(116)	$	17.91	(36)	$	19.58
Balance, end of period	1,385	$	17.53	1,342	$	17.02	1,183	$	18.94

The total fair value of restricted shares vested and released was $9.5 million, $9.1 million, and $6.7 million, for the years ended December 31, 2021, 2020, and 2019, respectively.

For the years ended December 31, 2021, 2020, and 2019, the Company received income tax benefits of $2.4 million, $2.1 million, and $1.8 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

In July 2021, the Company announced that its Board approved a new share repurchase program, which authorizes the Company to repurchase up to $400 million of common stock over the next twelve months from time to time in open market transactions, accelerated share repurchases, or in privately negotiated transactions as permitted under applicable rules and regulations. The program replaced and supersedes the previously approved share repurchase program, which was scheduled to expire on July 31, 2021. As of December 31, 2021, a total of $321.8 million remained available to repurchase shares under the new share repurchase program. During the year ended December 31, 2021, 4.0 million shares were repurchased under the new plan. The Company repurchased 331,000, and 300,000 shares under the previous repurchase plan in the years ended December 31, 2020 and 2019, respectively.

The timing and amount of future repurchases would depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, our capital plan, and regulatory approvals. The repurchase program is currently halted, based on the announced merger with Columbia and in accordance with the Merger Agreement.

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 149,000, 163,000, and 115,000 shares during the years ended December 31, 2021, 2020, and 2019, respectively.