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Stock Options

9 Months Ended

Sep. 30, 2020

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 September 30, 2020, 4,352 shares were available for future grants under the 2012 Plan.

A summary of option activity under the stock option plan for the nine months ended September 30, 2020 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, 2019	658,588	$	27.55
Plus: Options granted	35,000		18.79
Less:
Options exercised	19,198		21.23
Options expired	—		—
Options forfeited	10,701		31.28
Options outstanding at September 30, 2020	663,689		27.21	5.29	$	3,928

Options fully vested and exercisable at September 30, 2020	414,632	$	22.90	3.84	$	3,416

Stock-based compensation expense included in the consolidated statements of income for the three and nine months ended September 30, 2020 was $176,000 and $571,000, respectively. Stock-based compensation expense included in the consolidated statements of income for the three and nine months ended September 30, 2019 was $240,000 and $744,000, respectively. As of September 30, 2020, there was approximately $1,401,000 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 1.7 years.