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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [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
97,620

 
82.02

Exercised
(41,697
)
 
53.12

Forfeited or expired
(27,328
)
 
68.19

Outstanding options, September 30, 2018
714,961

 
$
61.41

Exercisable options, September 30, 2018
500,349

 
$
56.70

 
 
 
 
Outstanding options, December 31, 2018
714,420

 
$
61.41

Granted
127,090

 
70.34

Exercised
(50,375
)
 
52.99

Forfeited or expired
(12,227
)
 
72.79

Outstanding options, September 30, 2019
778,908

 
$
63.23

Exercisable options, September 30, 2019
533,784

 
$
58.60


The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
 
For the Nine Months Ended September 30,
 
2019
 
2018
Number of shares at beginning of period
700,628

 
738,187

Granted
217,078

 
229,181

Forfeited
(18,955
)
 
(70,981
)
Vested
(248,047
)
 
(192,217
)
Number of shares at end of period
650,704

 
704,170




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
151,908

 
12,358

Forfeited share equivalents
(59,550
)
 
4,844

Vested share equivalents
(130,497
)
 
10,871

Balance, September 30, 2018
355,705

 
$
28,937

 
 
 
 
Balance, December 31, 2018
353,407

 
$
22,717

Granted
183,879

 
13,890

Forfeited share equivalents
(30,283
)
 
2,288

Vested share equivalents
(107,592
)
 
8,116

Balance, September 30, 2019
399,411

 
$
30,171

(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 $75.54 and $81.35 on September 30, 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 Nine Months Ended September 30,
 
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

 
5.8

Weighted-average grant-date fair value
$
14.44

 
$
18.48
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 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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to phantom stock
$
2,257

 
$
2,375

 
$
7,902

 
$
7,388


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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to stock options
$
373

 
$
321

 
$
1,058

 
$
952

Income tax benefit related to stock options
28

 
23

 
78

 
70


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,
(in thousands)
2019
 
2018
 
2019
 
2018
Compensation expense related to restricted stock awards and restricted share units
$
5,088

 
$
4,843

 
$
16,242

 
$
14,192

Income tax benefit related to restricted stock awards and restricted share units
1,068

 
1,017

 
3,411

 
2,980