XML 67 R41.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
202020192018
 (in thousands)
Compensation expense$8,381 $7,413 $7,965 
Tax benefit(1,790)(1,610)(2,625)
Total stock-based compensation, net of tax$6,591 $5,803 $5,340 
Schedule of Share-based Compensation, Stock Options, Activity
The following table provides information about stock option activity for the year ended December 31, 2020:
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
(in millions)
Outstanding and exercisable as of December 31, 2019500,260 $11.12 
Exercised(89,725)9.99 
Forfeited(1,047)12.25 
Expired(11,181)10.27 
Outstanding and exercisable as of December 31, 2020398,307 $11.39 1.9 years$0.5 
Schedule Of Options Exercised
The following table presents information about stock options exercised:
202020192018
 (dollars in thousands)
Number of options exercised89,725 150,296 214,845 
Total intrinsic value of options exercised$192 $1,028 $1,616 
Cash received from options exercised$880 $1,446 $2,210 
Tax benefit from options exercised$37 $188 $291 
Schedule of Nonvested Share Activity
The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2020:
 
Restricted Stock/RSUs/PSUs (1)
 SharesWeighted
Average
Grant Date
Fair Value
Nonvested as of December 31, 20191,425,021 $16.39 
Granted911,367 11.82 
Vested(357,838)17.88 
Forfeited(81,170)13.74 
Nonvested as of December 31, 20201,897,380 $14.07 

(1) There were no nonvested stock options at December 31, 2020 or 2019.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table:
202020192018
Risk-free interest rate0.25 %2.27 %2.63 %
Volatility of Corporation’s stock33.10 %23.00 %23.50 %
Expected life of PSUs3 years3 years3 years
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The following table summarizes activity under the ESPP:
202020192018
ESPP shares purchased194,485 136,576 110,200 
Average purchase price per share (85% of market value)$10.02 $14.03 $14.74 
Compensation expense recognized (in thousands)$344 $338 $287