Share-Based Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

For the three and six months ended June 30, 2019 and 2018, we recorded share-based compensation and related tax benefits as follows:



	Three months ended June 30,						Six months ended June 30,
(Dollars in thousands)	2019			2018			2019			2018
Share-based compensation expense	$	16,646		$	11,944		$	31,768		$	22,467
Income tax benefit related to share-based compensation expense	(3,817		)	(2,743		)	(7,144		)	(5,060		)

Unrecognized Compensation Expense

As of June 30, 2019, unrecognized share-based compensation expense was as follows:



(Dollars in thousands)	Unrecognized Expense		Weighted Average Expected Recognition Period - in Years
Stock options	$	17,537	2.89
Restricted stock units and awards	128,493		3.10
Total unrecognized share-based compensation expense	$	146,030

Share-Based Payment Award Activity

The table below provides stock option information related to the 2006 Equity Incentive Plan for the six months ended June 30, 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	119,835		250.31
Exercised	(88,600	)	80.99
Forfeited	(16,265	)	208.27
Expired	(720	)	64.37
Outstanding at June 30, 2019	693,909		162.31		3.91	$	52,916,546
Vested and expected to vest at June 30, 2019	673,285		159.83		3.84	52,600,866
Exercisable at June 30, 2019	427,405		120.15		2.71	46,281,877

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 $224.59 as of June 30, 2019. The total intrinsic value of options exercised during the three and six months ended June 30, 2019 was $6.9 million and $14.4 million, respectively, compared to $21.6 million and $31.0 million for the comparable 2018 periods.

The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the six months ended June 30, 2019:



	Shares		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	597,296		$	194.48
Granted (1)	526,639		244.61
Vested	(212,179	)	150.20
Forfeited	(43,377	)	179.28
Nonvested at June 30, 2019	868,379		236.46

(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.