Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Compensation Expense Included in Salaries and Employee Benefits Expense and Related Income Tax Benefits

The following table represents the compensation expense that is included in salaries and employee benefits expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the three months ended March 31, 2013 and 2012.

(Dollars in thousands, except per share data)	2013		2012
Compensation expense related to stock options	$	533	$	442
Income tax benefit related to stock options		187		155
Impact on basic earnings per share		0.01		0.01
Impact on diluted earnings per share		0.01		0.01

Estimate Fair Value of Share-Based Awards with Weighted-Average Assumptions

The Company uses the Black-Scholes option pricing model to estimate the fair value of share-based awards. The following weighted-average assumptions were used for option awards granted during the three-month periods ended March 31:

	2013			2012
Expected dividends		2.6	%		2.6	%
Expected volatility		34.8	%		41.0	%
Risk-free interest rate		1.7	%		0.9	%
Expected term (in years)		8.6			5.0
Weighted-average grant-date fair value	$	15.37		$	14.74

Activity Related to Stock Options

The following table represents the activity related to stock options during the three months ended March 31, 2013 and 2012.

	Number of shares			Weighted average exercise price		Weighted average remaining contract life
Outstanding options, December 31, 2011		1,097,620		$	50.14
Granted		217,230			51.78
Exercised		(34,278	)		28.98
Forfeited or expired		(3,258	)		51.19
Outstanding options, March 31, 2012		1,277,314		$	50.98		5.2 years
Exercisable options, March 31, 2012		796,208			42.59		3.2 years
Outstanding options, December 31, 2012		1,236,075		$	51.48
Granted		75,722			52.36
Exercised		(91,348	)		34.81
Forfeited or expired		(14,270	)		57.19
Outstanding options, March 31, 2013		1,206,179		$	52.73		5.1 Years
Outstanding exercisable at March 31, 2013		777,945		$	52.21		3.4 Years

Compensation Expense Included in Salaries and Employee Benefits Expense Related to Restricted Stock Grants

The following table represents the compensation expense that was included in salaries and employee benefits expense in the accompanying consolidated statements of income related to restricted stock grants for the three months ended March 31:

(Dollars in thousands)	2013		2012
Compensation expense related to restricted stock	$	1,877	$	1,710

Unvested Restricted Stock Award Activity

The following table represents unvested restricted stock award activity for the three months ended March 31, 2013 and 2012:

	2013			2012
Balance, beginning of year		538,202			512,112
Granted		148,518			134,988
Forfeited		(11,673	)		(3,055	)
Earned and issued		(89,366	)		(74,928	)
Balance, end of year		585,681			569,117

Schedule of Share and Dividend Equivalent Share Award Activity

The following table represents phantom stock award activity during the periods indicated. During the three months ended March 31, 2013 and 2012, the Company recorded $699,000 and $751,000, respectively, in compensation expense based on the number of share equivalents vested at the end of the period and the current market price of the Company’s stock.

	Number of share equivalents			Dividend equivalents			Total share equivalents			Value of share equivalents(1)
Balance, December 31, 2011		232,921			8,942			241,863		$	11,924,000
Granted		97,927			2,109			100,036			5,349,000
Forfeited share equivalents		(2,191	)		(95	)		(2,286	)		(122,000	)
Vested share equivalents		(5,483	)		(350	)		(5,833	)		(309,000	)
Balance, March 31, 2012		323,174			10,606			333,780		$	17,847,000
Balance, December 31, 2012		318,729			16,035			334,764		$	16,444,000
Granted		158,213			3,092			161,305			8,068,000
Forfeited share equivalents		(5,176	)		(243	)		(5,419	)		(271,000	)
Vested share equivalents		(30,697	)		(2,120	)		(32,817	)		(1,655,000	)
Balance, March 31, 2013		441,069			16,764			457,833		$	22,901,000

(1) Except for vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $50.02 and $53.47 on March 31, 2013 and 2012, respectively.