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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Compensation Expense and Related Tax Benefits
The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
202120202019
 (in thousands)
Compensation expense$9,264 $8,381 $7,413 
Tax benefit(2,027)(1,790)(1,610)
Total stock-based compensation, net of tax$7,237 $6,591 $5,803 
Stock Option Activity
The following table provides information about stock option activity for the year ended December 31, 2021:
Stock
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
(in millions)
Outstanding and exercisable as of December 31, 2020398,307 $11.39 
Exercised(148,670)11.10 
Forfeited(1,676)11.33 
Expired(8,370)11.24 
Outstanding and exercisable as of December 31, 2021239,591 $11.57 1.6 years$1.3 
Schedule Of Options Exercised
The following table presents information about stock options exercised:
202120202019
 (dollars in thousands)
Number of options exercised148,670 89,725 150,296 
Total intrinsic value of options exercised$801 $192 $1,028 
Cash received from options exercised$1,651 $880 $1,446 
Tax benefit from options exercised$155 $37 $188 
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, 2021:
 
Restricted Stock/RSUs/PSUs (1)
 SharesWeighted
Average
Grant Date
Fair Value
Nonvested as of December 31, 20201,897,380 $14.07 
Granted665,749 16.83 
Vested(379,193)16.37 
Forfeited(121,197)15.78 
Nonvested as of December 31, 20212,062,739 $14.26 

(1) There were no nonvested stock options at December 31, 2021 or 2020.
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:
202120202019
Risk-free interest rate0.25 %0.25 %2.27 %
Volatility of Corporation’s stock42.55 %33.10 %23.00 %
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:
202120202019
ESPP shares purchased134,156 194,485 136,576 
Average purchase price per share (85% of market value)$13.92 $10.02 $14.03 
Compensation expense recognized (in thousands)$329 $344 $338