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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2019
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
Outstanding options, December 31, 2017
686,366

 
$
58.24

Granted
92,162

 
82.20

Exercised
(21,212
)
 
52.10

Forfeited or expired
(14,513
)
 
65.27

Outstanding options, March 31, 2018
742,803

 
$
61.25

Exercisable options, March 31, 2018
519,496

 
$
56.53

 
 
 
 
Outstanding options, December 31, 2018
714,420

 
$
61.41

Granted
126,405

 
70.32

Exercised
(19,620
)
 
54.44

Forfeited or expired
(5,564
)
 
69.58

Outstanding options, March 31, 2019
815,641

 
$
62.90

Exercisable options, March 31, 2019
563,084

 
$
58.22

The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Three Months Ended March 31,
 
2019
 
2018
Number of shares at beginning of period
700,628

 
738,187

Granted
190,726

 
199,958

Forfeited
(8,337
)
 
(43,405
)
Vested
(182,947
)
 
(115,877
)
Number of shares at end of period
700,070

 
778,863

The following table represents phantom stock award activity during the periods indicated:
(in thousands)
Number of share equivalents (1)
 
Value of share equivalents (2)
Balance, December 31, 2017
393,844

 
$
30,523

Granted
129,234

 
10,080

Forfeited share equivalents
(24,460
)
 
1,908

Vested share equivalents
(121,758
)
 
10,187

Balance, March 31, 2018
376,860

 
$
29,395

 
 
 
 
Balance, December 31, 2018
353,407

 
$
22,717

Granted
161,273

 
11,565

Forfeited share equivalents
(13,680
)
 
981

Vested share equivalents
(96,995
)
 
7,316

Balance, March 31, 2019
404,005

 
$
28,971

(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 $71.71 and $78.00 on March 31, 2019, and 2018, respectively.
Schedule of Valuation Assumptions
The following weighted-average assumptions were used for option awards issued during the following periods:
 
For the Three Months Ended March 31,
 
2019
 
2018
Expected dividends
2.3
%
 
1.8
%
Expected volatility
24.5
%
 
24.3
%
Risk-free interest rate
2.5
%
 
2.7
%
Expected term (in years)
5.7

 
5.7

Weighted-average grant-date fair value
$
14.44

 
$
18.36
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 March 31,
(in thousands)
2019
 
2018
Compensation expense related to restricted stock awards and restricted share units
$
5,223

 
$
4,422

Income tax benefit related to restricted stock awards and restricted share units
1,097

 
929

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 March 31,
(in thousands)
2019
 
2018
Compensation expense related to stock options
$
349

 
$
312

Income tax benefit related to stock options
26

 
23

The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at March 31 of the periods indicated and the current market price of the Company’s stock at that time:
 
For the Three Months Ended March 31,
(in thousands)
2019
 
2018
Compensation expense related to phantom stock
$
3,194

 
$
2,996