Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of activity for Corporation's stock options

A summary of activity for the Corporation’s stock options as of and for the nine months ended September 30, 2016 is presented below:

	Non-Vested Stock Options Outstanding						Stock Options Outstanding
	Number of Options		Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value Per Share		Number of Options		Weighted- Average Exercise Price Per Share
Outstanding at December 31, 2015	479,755		$	28.75	$	8.49	1,054,739		$	25.38
Acquired	—		—		—		1,466,408		15.08
Granted	441,167		32.81		—		441,167		32.81
Exercised	—		—		—		(220,026	)	24.08
Vested	(454,360	)	28.74		8.49		—		—
Forfeited/expired	(47,286	)	30.69		7.42		(47,286	)	30.69
Outstanding at September 30, 2016	419,276		$	32.81	$	6.15	2,695,002		$	21.01
Exercisable/vested at September 30, 2016							2,275,726		$	18.84

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the nine months ended September 30, 2016 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.30		%
Risk-free interest rate	1.39		%
Expected stock price volatility	27.9		%
Expected life of options – in years	6.5
Weighted average fair value of options granted	$	6.15

Summary of activity for restricted stock units and awards

The following table provides information regarding nonvested restricted stock awards:

Nonvested restricted stock awards	Number of Awards		Weighted-average acquisition-date fair value
Nonvested at January 1, 2016	—		$	—
Acquired	484,892		46.23
Vested	—		—
Forfeited	(508	)	46.23
Nonvested at September 30, 2016	484,384		$	46.23

A summary of the activity for restricted stock units as of and for the nine months ended September 30, 2016 is presented below:

	Number of Units		Weighted-average grant date fair value per unit
Outstanding at December 31, 2015	207,989		$	26.41
Granted	133,620		34.75
Converted into shares of common stock	(67,207	)	24.54
Forfeited/expired	(5,656	)	29.30
Outstanding at September 30, 2016	268,746		$	30.97