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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award  
Activity Related to Stock Options
The following table represents the activity related to stock options during the periods indicated:
 
Number of shares
 
Weighted
Average
Exercise Price
Outstanding options, December 31, 2015
813,777

 
$
56.99

Granted
152,209

 
47.63

Exercised
(72,258
)
 
55.28

Forfeited or expired
(49,636
)
 
60.06

Outstanding options, September 30, 2016
844,092

 
$
55.27

Exercisable options, September 30, 2016
538,751

 
$
56.40

 
 
 
 
Outstanding options, December 31, 2014
867,682

 
$
55.92

Granted
81,313

 
62.53

Exercised
(95,265
)
 
50.64

Forfeited or expired
(15,733
)
 
66.57

Outstanding options, September 30, 2015
837,997

 
$
56.96

Exercisable options, September 30, 2015
570,148

 
$
56.53
Estimate Fair Value of Share Option Awards with Weighted-Average Assumptions
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the following periods:
 
For the Nine Months Ended September 30
 
2016
 
2015
Expected dividends
2.9
%
 
2.2
%
Expected volatility
29.1
%
 
35.6
%
Risk-free interest rate
1.4
%
 
2.0
%
Expected term (in years)
6.5

 
7.5

Weighted-average grant-date fair value
$
10.16

 
$
19.60
Unvested Restricted Stock Award and Restricted Share Unit Activity
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Nine Months Ended September 30
 
2016
 
2015
Balance at beginning of period
507,130

 
506,289

Granted
244,074

 
203,762

Forfeited
(16,890
)
 
(23,471
)
Earned and issued
(184,873
)
 
(170,513
)
Balance at end of period
549,441

 
516,067
Schedule of Share and Dividend Equivalent Share Award Activity
The following table represents phantom stock award and performance unit activity during the periods indicated:
(Dollars in thousands)
Number of share
equivalents (1)
 
Value of share
equivalents (2)
Balance, December 31, 2015
462,430

 
$
25,466

Granted
200,761

 
13,475

Forfeited share equivalents
(27,267
)
 
1,830

Vested share equivalents
(158,491
)
 
8,161

Balance, September 30, 2016
477,433

 
$
32,045

 
 
 
 
Balance, December 31, 2014
475,347

 
$
30,826

Granted
162,740

 
9,473

Forfeited share equivalents
(28,728
)
 
1,672

Vested share equivalents
(138,678
)
 
8,832

Balance, September 30, 2015
470,681

 
$
27,398


(1) 
Number of share equivalents includes all reinvested dividend equivalents for the periods indicated.
(2) 
Except for share equivalents at the beginning of each period, which are based on the value at that time, and 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 $67.12 and $58.21 on September 30, 2016, and 2015, respectively.
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table represents the compensation expense that is included in non-interest expense in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Compensation expense related to stock options
$
513

 
$
455

 
$
1,500

 
$
1,400
Restricted Stock Awards and Restricted Share Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table represents the compensation expense that was included in non-interest expense in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated:
 
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Compensation expense related to restricted stock awards and restricted share units
$
3,014

 
$
2,935

 
$
9,729

 
$
8,739
Phantom Stock and Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Compensation Expense Included in Non-Interest Expense
The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at September 30 of the periods indicated and the current market price of the Company’s stock at that time:
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Compensation expense related to phantom stock and performance units
$
3,127

 
$
2,976

 
$
8,325

 
$
9,482