Share-Based Compensation Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

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

Compensation Cost for Share-based Compensation Arrangements

The following table presents the amounts recognized in the consolidated financial statements for stock options, nonvested share awards and nonvested performance shares:

(Dollars in thousands)
Years ended December 31,	2015		2014		2013
Share-based compensation expense		$2,074		$1,880		$1,876
Related income tax benefit		$767		$676		$673

Stock Options Fair Value Assumptions

The following presents the assumptions used in determining the grant date fair value of the stock option awards granted to certain key employees:

	2015		2014		2013
Options granted	48,600		25,850		54,600
Cliff vesting period (years)	3 - 5		3		3
Expected term (years)	7.5		8		8
Expected dividend yield	3.94	%	3.83	%	3.77	%
Weighted average expected volatility	40.76	%	41.84	%	42.85	%
Weighted average risk-free interest rate	1.95	%	2.27	%	2.46	%
Weighted average grant-date fair value	$11.15		$9.92		$10.35

Stock Options Activity

The following table presents a summary of the status of Washington Trust’s stock options outstanding as of and for the year ended December 31, 2015:

	Number of Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Beginning of period	357,477			$24.99
Granted	48,600		39.40
Exercised	(87,625	)	25.55
Forfeited or expired	(9,336	)	33.74
End of period	309,116			$26.84	6.01		$3,921
At end of period:
Options exercisable	189,791			$21.78	4.34		$3,368
Options expected to vest in future periods	119,325			$34.89	8.67		$554

Schedule of Stock Options Outstanding and Options Exercisable

The following table presents additional information concerning options outstanding and options exercisable at December 31, 2015:

	Options Outstanding				Options Exercisable
Exercise Price Ranges	Number of Shares	Weighted Average Remaining Life (Years)	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price
$15.01 to $20.00	53,132	3.90		$17.61	53,132		$17.61
$20.01 to $25.00	138,870	4.67	23.14		131,870	23.05
$25.01 to $30.00	—	—	—		—	—
$30.01 to $35.00	70,214	7.77	32.76		4,689	32.76
$35.01 to $40.00	46,900	9.74	39.39		100	39.55
	309,116	6.01		$26.84	189,791		$21.78

Nonvested Share Units Activity

The following table presents a summary of the status of Washington Trust’s nonvested shares as of and for the year ended December 31, 2015:

	Number of Shares		Weighted Average Grant Date Fair Value
Beginning of period	70,430			$27.34
Granted	16,275		38.53
Vested	(34,779	)	23.95
Forfeited	(4,701	)	29.72
End of period	47,225			$33.46

Nonvested Performance Shares Outstanding

The following table presents a summary of the performance share awards as of December 31, 2015:

		Grant Date Fair Value per Share	Current Performance Assumption	Expected Performance Share Award
Performance shares awarded in:	2015	$38.02	152%	47,451
	2014	34.66	139%	21,049
	2013	26.05	141%	42,391
Total				110,891

Nonvested Performance Shares Activity

The following table presents a summary of the status of Washington Trust’s performance share awards as of and for the year ended December 31, 2015:

	Number of Shares		Weighted Average Grant Date Fair Value
Beginning of period	99,696			$27.12
Granted	47,451		38.02
Vested	(35,743	)	23.65
Forfeited	(513	)	30.39
End of period	110,891			$32.81