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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Nine Months Ended September 30
 
2017
 
2016
Number of shares at beginning of period
543,258

 
507,130

Granted
411,957

 
244,074

Forfeited
(21,272
)
 
(16,890
)
Earned and issued
(191,222
)
 
(184,873
)
Number of shares at end of period
742,721

 
549,441

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, 2016
472,830

 
$
39,600

Granted
111,119

 
9,128

Forfeited share equivalents
(22,956
)
 
1,886

Vested share equivalents
(158,573
)
 
14,903

Balance, September 30, 2017
402,420

 
$
33,059

(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 $82.15 and $67.12 on September 29, 2017, and 2016, respectively.
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, 2016
721,538

 
$
55.38

Granted
78,434

 
85.03

Exercised
(74,236
)
 
55.77

Forfeited or expired
(26,675
)
 
68.93

Outstanding options, September 30, 2017
699,061

 
$
58.15

Exercisable options, September 30, 2017
463,326

 
$
55.68
Schedule of Valuation Assumptions
The following weighted-average assumptions were used for option awards issued during the following periods:
 
For the Nine Months Ended September 30
 
2017
 
2016
Expected dividends
1.7
%
 
2.9
%
Expected volatility
25.0
%
 
29.1
%
Risk-free interest rate
2.1
%
 
1.4
%
Expected term (in years)
5.8

 
6.5

Weighted-average grant-date fair value
$
18.87

 
$
10.16
Schedule of Allocation for Share-based Compensation Expense
The following table represents the compensation expense that was included in non-interest expense and related income tax benefits 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)
2017
 
2016
 
2017
 
2016
Compensation expense related to restricted stock awards and restricted share units
$
4,046

 
$
3,014

 
$
10,368

 
$
9,729

Income tax benefit related to restricted stock awards and restricted share units
1,416

 
1,055

 
3,629

 
3,405

The following table represents the compensation expense that is included in non-interest expense and related income tax benefits 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)
2017
 
2016
 
2017
 
2016
Compensation expense related to stock options
$
343

 
$
513

 
$
1,131

 
$
1,500

Income tax benefit related to stock options
46

 
84

 
161

 
246

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 years 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)
2017
 
2016
 
2017
 
2016
Compensation expense related to phantom stock and performance units
$
2,747

 
$
3,127

 
$
8,689

 
$
8,325