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Stock Options

6 Months Ended

Jun. 30, 2021

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, 2021, 31,090 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, 2021 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, 2020	651,127	$	27.24
Plus: Options granted	—		—
Less:
Options exercised	91,262		21.88
Options expired	—		—
Options forfeited	20,988		31.75
Options outstanding at June 30, 2021	538,877		27.97	4.80	$	8,066

Options fully vested and exercisable at June 30, 2021	345,715	$	24.54	3.54	$	6,361

Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2021 was $114,000 and $273,000, respectively. Stock-based compensation expense included in the consolidated statements of income for the three and six months ended June 30, 2020 was $177,000 and $395,000, respectively. As of June 30, 2021, there was approximately $982,000 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 1.6 years.