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Stock Options
 6 Months Ended
Jun. 30, 2013
Stock Options  
Stock Options

Note 5 — Stock Options

 

On April 5, 2012, the Board of Directors adopted the 2012 International Bancshares Corporation Stock Option Plan (the “2012 Plan”). There are 800,000 shares available for stock option grants under the 2012 Plan. Under the 2012 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, 2013, 757,500 shares were available for future grants under the 2012 Plan.

 

A summary of option activity under the stock option plans for the six months ended June 30, 2013 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, 2012

 

794,877

 

$

19.03

 

 

 

 

 

Plus: Options granted

 

—

 

—

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

Options exercised

 

5,955

 

10.77

 

 

 

 

 

Options expired

 

22,343

 

23.50

 

 

 

 

 

Options forfeited

 

20,600

 

17.88

 

 

 

 

 

Options outstanding at June 30, 2013

 

745,979

 

19.00

 

3.37

 

$

3,860

 

 

 

 

 

 

 

 

 

 

 

Options fully vested and exercisable at June 30, 2013

 

416,822

 

$

22.71

 

1.59

 

$

1,130

 

 

Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2013 was approximately $107,000 and $221,000, respectively.  Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2012 was approximately $122,000 and $253,000, respectively.  As of June 30, 2013, there was approximately $936,000 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 1.8 years.