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Share-based Compensation and Other Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Compensation, Allocation of Recognized Period Costs
Total share-based compensation expense recognized for 2020, 2019, and 2018 is presented in the following table by its classification within total non-interest expense.
Years Ended December 31,
(in thousands)202020192018
Salaries and other personnel expense$17,827 $19,618 $15,712 
Merger-related expense— 4,219 — 
Other operating expenses814 650 931 
Total share-based compensation expense included in non-interest expense$18,641 $24,487 $16,643 
Schedule of Measuring Compensation Expense The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:
2019
Stock price (Synovus' closing stock price on December 31, 2018)$31.99 
Weighted average fair value of converted stock options11.50 
Risk-free interest rate2.51 %
Expected stock price volatility26.4 %
Dividend yield3.13 %
Term to expiration5.1 years
The fair value of market restricted share units granted was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:
202020192018
Risk-free interest rate1.42 %2.40 %2.32 %
Expected stock price volatility 25.4 24.4 22.5 
Dividend yield3.6 2.9 1.3 
Simulation period3.0 years3.0 years3.0 years
Schedule of Stock Options Activity
A summary of stock option activity and changes during the years ended December 31, 2020, 2019, and 2018 is presented below.
Stock Options
202020192018
(in thousands, except per share data)QuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise Price
Outstanding at beginning of year3,037 $22.74 640 $16.93 775 $17.85 
Assumed in acquisition— — 3,230 23.22 — — 
Options exercised(572)22.67 (820)19.91 (126)16.92 
Options forfeited/expired/canceled(64)33.50 (13)34.23 (9)92.26 
Options outstanding at end of year2,401 $22.47 3,037 $22.74 640 $16.93 
Options exercisable at end of year2,401 $22.47 2,399 $19.52 640 $16.93 
Schedule of Restricted Stock Units Activity
A summary of restricted share units, market restricted share units, and performance share units outstanding and changes during the years ended December 31, 2020, 2019, and 2018 is presented below.
Restricted Share UnitsMarket Restricted Share UnitsPerformance Share Units
(in thousands, except per share data)QuantityWeighted-Average Grant Date Fair ValueQuantityWeighted-Average Grant Date Fair ValueQuantityWeighted-Average Grant Date Fair Value
Outstanding at December 31, 2017566 $33.25 171 $35.24 245 $31.54 
Granted249 47.34 58 48.46 86 47.23 
Dividend equivalents granted7 44.10 3 41.91 4 28.06 
Quantity change by TSR factor— — 18 33.21 — — 
Vested(280)30.86 (105)33.21 (84)28.06 
Adjustment for performance vs. target— — — — (1)28.06 
Forfeited(16)38.60 (1)38.32 (2)33.52 
Outstanding at December 31, 2018526 41.18 144 41.91 248 38.29 
Granted550 36.27 163 37.20 140 37.34 
Assumed in acquisition136 31.99 — — — — 
Dividend equivalents granted23 36.27 6 37.20 9 37.34 
Quantity change by TSR factor— — (19)37.99 — — 
Vested(304)37.04 (59)37.99 (93)26.35 
Adjustment for performance vs. target— — — — 6 37.34 
Forfeited(114)37.04 (19)37.99 (31)40.34 
Outstanding at December 31, 2019817 38.32 216 39.99 279 41.52 
Granted763 32.42 — — 131 35.75 
Dividend equivalents granted59 32.42 9 39.99 23 41.52 
Quantity change by TSR factor— — 7 41.00 — — 
Vested(384)38.04 (104)41.00 (110)41.61 
Adjustment for performance vs. target— — — — 34 41.61 
Forfeited(34)35.97 (37)38.42 (9)41.52 
Outstanding at December 31, 20201,221 $34.50 91 $39.54 348 $39.33 
Schedule of Grants Under All Synovus Equity Compensation Plans
The following table provides aggregate information regarding grants under all Synovus equity compensation plans at December 31, 2020.

 
 
 
 
Plan Category(1)
(a) Number of Securities to be Issued
Upon Vesting of Restricted
Share Units, Market
Restricted Share Units, and Performance Share Units(2)
(b) Number of Securities to be Issued
Upon Exercise of Outstanding Options		(c) Weighted-Average
Exercise Price of
Outstanding Options in Column (b)		(d) Number of Shares Remaining Available for Issuance Excluding Shares Reflected in Columns (a) and (b)
Shareholder approved equity compensation plans for shares of Synovus stock1,6602,401 $22.47 1,522 
(1)    Does not include information for equity compensation plans assumed by Synovus in mergers. A total of 2.0 million shares of common stock was issuable upon exercise of options granted under plans assumed in mergers and outstanding at December 31, 2020. The weighted average exercise price of all options granted under plans assumed in mergers and outstanding at December 31, 2020 was $23.67. Synovus cannot grant additional awards under these assumed plans.
(2)    Market restricted and performance share units included at defined target levels. Actual shares issued upon vesting may differ based on actual TSR and ROAA and ROATCE (as defined) over the measurement period.