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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
The following table represents the activity related to stock options during the periods indicated:
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value (Dollars in thousands)
 
Weighted Average Remaining Contract Life (in years)
Outstanding options, December 31, 2015
813,777

 
$
56.99

 
 
 
 
Granted
160,624

 
48.65

 
 
 
 
Exercised
(196,769
)
 
55.39

 
$
3,597

 
 
Forfeited or expired
(56,094
)
 
59.49

 
 
 
 
Outstanding options, December 31, 2016
721,538

 
$
55.38

 
 
 
 
Granted
80,557

 
84.78

 
 
 
 
Exercised
(85,221
)
 
55.45

 
2,098

 
 
Forfeited or expired
(30,508
)
 
68.46

 
 
 
 
Outstanding options, December 31, 2017
686,366

 
$
58.24

 
 
 
 
Granted
97,620

 
82.02

 
 
 
 
Exercised
(42,047
)
 
53.07

 
1,242

 
 
Forfeited or expired
(27,519
)
 
68.30

 
 
 
 
Outstanding options, December 31, 2018
714,420

 
$
61.41

 
$
5,148

 
5.2
 
 
 
 
 
 
 
 
Exercisable options, December 31, 2016
415,376

 
$
56.66

 
 
 
 
Exercisable options, December 31, 2017
455,010

 
55.77

 
 
 
 
Exercisable options, December 31, 2018
501,815

 
56.75

 
$
4,222

 
3.9
The following table represents phantom stock award 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
215,745

 
18,069

Forfeited share equivalents
(42,051
)
 
3,522

Vested share equivalents
(163,294
)
 
8,509

Balance, December 31, 2016
472,830

 
$
39,600

Granted
118,408

 
9,177

Forfeited share equivalents
(34,968
)
 
2,710

Vested share equivalents
(162,426
)
 
13,515

Balance, December 31, 2017
393,844

 
$
30,523

Granted
157,044

 
10,095

Forfeited share equivalents
(63,276
)
 
4,067

Vested share equivalents
(134,205
)
 
11,156

Balance, December 31, 2018
353,407

 
$
22,717

(1) 
Number of share equivalents includes all reinvested dividend equivalents for the years 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 $64.28, $77.50 and $83.75 on December 31, 2018, 2017, and 2016, respectively.
The following table represents unvested restricted stock award and restricted share unit activity for the years ended December 31:
 
2018
 
2017
 
2016
Number of shares at beginning of period
738,187

 
543,261

 
507,130

Granted
231,064

 
421,198

 
254,276

Forfeited
(72,217
)
 
(31,699
)
 
(28,855
)
Vested
(196,406
)
 
(194,573
)
 
(189,290
)
Number of shares at end of period
700,628

 
738,187

 
543,261
Schedule of Valuation Assumptions
The following weighted-average assumptions were used for option awards issued during the years ended December 31:
 
2018
 
2017
 
2016
Expected dividends
1.8
%
 
1.7
%
 
2.8
%
Expected volatility
24.3
%
 
25.0
%
 
29.0
%
Risk-free interest rate
2.7
%
 
2.1
%
 
1.4
%
Expected term (in years)
5.8

 
5.8

 
6.5

Weighted-average grant-date fair value
$
18.48

 
$
18.86

 
$
10.46
Schedule of Allocation for Share-based Compensation Expense
The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at December 31 of the years indicated and the current market price of the Company’s stock at that time:
(Dollars in thousands)
2018
 
2017
 
2016
Compensation expense related to phantom stock
$
8,141

 
$
10,756

 
$
12,933

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 years ended December 31:
(Dollars in thousands)
2018
 
2017
 
2016
Compensation expense related to restricted stock awards and restricted share units
$
18,998

 
$
14,966

 
$
12,513

Income tax benefit related to restricted stock awards and restricted share units
3,990

 
2,809

 
4,380

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 years ended December 31:
(Dollars in thousands)
2018
 
2017
 
2016
Compensation expense related to stock options
$
1,280

 
$
1,470

 
$
2,010

Income tax benefit related to stock options
93

 
124

 
331