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Stock Options
 6 Months Ended
Jun. 30, 2011
Stock Options  
Stock Options

Note 5 — Stock Options

 

On April 1, 2005, the Board of Directors adopted the 2005 International Bancshares Corporation Stock Option Plan (the “2005 Plan”).  Effective May 19, 2008, the 2005 Plan was amended to increase the number of shares available for stock option grants under the 2005 Plan by 300,000 shares.  The 2005 Plan replaced the 1996 International Bancshares Corporation Key Contributor Stock Option Plan (the “1996 Plan”).  Under the 2005 Plan, both qualified incentive stock options (“ISOs”) and non-qualified stock options (“NQSOs”) may be granted.  Options granted may be exercisable for a period of up to 10 years from the date of grant, excluding ISOs granted to 10% shareholders, which may be exercisable for a period of up to only five years.  As of June 30, 2011, 210,322 shares were available for future grants under the 2005 Plan.

 

A summary of option activity under the stock option plans for the six months ended June 30, 2011 is as follows:

 

 

 

Number of
options

 

Weighted
average
exercise price

 

Weighted
average
remaining
contractual term
(years)

 

Aggregate
intrinsic
value ($)

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at December 31, 2010

 

764,982

 

$

20.65

 

 

 

 

 

Plus: Options granted

 

1,500

 

18.44

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

Options exercised

 

7,092

 

17.95

 

 

 

 

 

Options expired

 

81,218

 

19.93

 

 

 

 

 

Options forfeited

 

25,221

 

18.86

 

 

 

 

 

Options outstanding at June 30, 2011

 

652,951

 

20.86

 

3.77

 

1,333

 

 

 

 

 

 

 

 

 

 

 

Options fully vested and exercisable at June 30, 2011

 

323,472

 

24.73

 

2.82

 

199

 

 

Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2011 was approximately $93,000 and $195,000, respectively.  Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2010 was approximately $145,000 and $297,000, respectively.  As of June 30, 2011, there was approximately $480,000 of total unrecognized stock-based compensation cost related to non-vested options granted under the Company plans that will be recognized over a weighted average period of 1.3 years.