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Stock Options

6 Months Ended

Jun. 30, 2019

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 of common stock available for stock option grants under the 2012 Plan, which may be qualified incentive stock options (“ISOs”) or non-qualified stock options. 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, 2019, 26,876 shares were available for future grants under the 2012 Plan.

A summary of option activity under the stock option plan for the six months ended June 30, 2019 is as follows:


				Weighted
		Weighted		average
		average		remaining	Aggregate
	Number of	exercise		contractual	intrinsic
	options	price		term (years)	value ($)
					(in Thousands)
Options outstanding at December 31, 2018	788,977	$	25.91
Plus: Options granted	11,500		36.59
Less:
Options exercised	47,175		18.52
Options expired	—		—
Options forfeited	29,176		27.11
Options outstanding at June 30, 2019	724,126		26.51	5.80	$	8,234

Options fully vested and exercisable at June 30, 2019	369,795	$	21.07	4.24	$	6,159

Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2019 is $239,000 and $504,000, respectively. Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2018 was $286,000 and $470,000, respectively. As of June 30, 2019, there was approximately $2,336,000 of total unrecognized stock-based compensation cost related to non-vested options granted under our plans that will be recognized over a weighted average period of 1.9 years.