Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

For the three and nine months ended September 30, 2020 and 2019, we recorded share-based compensation and related tax benefits as follows:


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Share-based compensation expense	$	21,408	$	18,782	$	60,733	$	50,550
Income tax benefit related to share-based compensation expense	(5,560)		(4,883)		(14,726)		(12,028)

Unrecognized Compensation Expense

As of September 30, 2020, unrecognized share-based compensation expense was as follows:


(Dollars in thousands)	Unrecognized Expense		Weighted Average Expected Recognition Period - in Years
Stock options	$	15,541	2.60
Restricted stock units and awards	125,321		2.68
Total unrecognized share-based compensation expense	$	140,862

Share-Based Payment Award Activity

The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2020:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life - in Years	Aggregate Intrinsic Value of In-The- Money Options
Outstanding at December 31, 2019	625,407	$	169.33
Granted	123,301	186.83
Exercised	(130,330)	99.72
Forfeited	(15,460)	231.75
Expired	(1,030)	71.11
Outstanding at September 30, 2020	601,888	186.55		4.08	$	38,405,994
Vested and expected to vest at September 30, 2020	578,024	185.26		4.00	$	37,654,264
Exercisable at September 30, 2020	317,896	152.61		2.59	$	30,524,026

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 $240.62 as of September 30, 2020. The total intrinsic value of options exercised during the three and nine months ended September 30, 2020 was $5.6 million and $17.2 million, compared to $1.6 million and $16.0 million for the comparable 2019 periods, respectively.

The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the nine months ended September 30, 2020:


	Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2019	847,972	$	236.54
Granted	426,071	190.79
Vested	(247,370)	207.82
Forfeited	(49,272)	226.32
Nonvested at September 30, 2020	977,401	224.38