Share-Based Compensation

3 Months Ended

Mar. 31, 2019

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

For the three months ended March 31, 2019 and 2018, we recorded share-based compensation and related tax benefits as follows:



	Three months ended March 31,
(Dollars in thousands)	2019			2018
Share-based compensation expense	$	15,122		$	10,523
Income tax benefit related to share-based compensation expense	(3,327		)	(2,317		)

Unrecognized Compensation Expense

As of March 31, 2019, unrecognized share-based compensation expense was as follows:



(Dollars in thousands)	Unrecognized Expense		Weighted Average Expected Recognition Period - in Years
Stock options	$	10,714	2.58
Restricted stock units and awards	74,885		2.71
Total unrecognized share-based compensation expense	$	85,599

Share-Based Payment Award Activity

The table below provides stock option information related to the 2006 Equity Incentive Plan for the three months ended March 31, 2019:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life - in Years	Aggregate Intrinsic Value of In-The- Money Options
Outstanding at December 31, 2018	679,659		$	137.19
Granted	1,328		239.56
Exercised	(44,973	)	73.17
Forfeited	(1,897	)	168.90
Outstanding at March 31, 2019	634,117		141.85		3.45	$	58,330,402
Vested and expected to vest at March 31, 2019	620,349		139.89		3.41	57,863,381
Exercisable at March 31, 2019	366,474		103.35		2.36	43,630,770

The aggregate intrinsic value of outstanding options shown in the table above represents the pre-tax intrinsic value based on our closing stock price of $222.36 as of March 31, 2019. The total intrinsic value of options exercised during the three months ended March 31, 2019 was $7.5 million, compared to $9.4 million for the comparable 2018 period.

The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the three months ended March 31, 2019:



	Shares		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	597,296		$	194.48
Granted (1)	176,076		233.03
Vested	(65,748	)	97.06
Forfeited	(16,780	)	125.52
Nonvested at March 31, 2019	690,844		215.25


(1)	On February 1, 2019, we granted 125,160 restricted stock awards to SVB Leerink employees at a market price of $238.28 under the retention plan previously announced on November 13, 2018. The restricted stock awards will vest over a five-year period.