XML 76 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 5 - Stock-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock-Based Compensation Under the Company’s equity incentive plans, directors and eligible employees may be granted incentive or non-statutory stock options and/or restricted stock units, or awarded non-vested stock. As of March 31, 2013, the only options granted by the Company were non-statutory stock options to selected Bank officers and non-employee directors at exercise prices equal to the fair market value of a share of the Company’s common stock on the date of grant. Such options have a maximum ten-year term and vest in 20% annual increments (subject to early termination in certain events) except certain options granted to the Chief Executive Officer of the Company in 2005 and 2008. If such options expire or terminate without having been exercised, any shares not purchased will again be available for future grants or awards. There were no options granted during the first quarter of 2013 or during 2012. Option compensation expense totaled $129,000 for the three months ended March 31, 2013, and $194,000 for the three months ended March 31, 2012. Stock-based compensation is recognized ratably over the requisite service period for all awards. All unrecognized stock-based compensation expense was fully recognized as of March 31, 2013. No stock options were exercised in the first quarter of 2013 compared to 39,784 shares issued on the exercise of stock options in the first quarter of 2012. Cash received totaled $647,000 and the aggregate intrinsic value totaled $34,000 from the exercise of stock options during the three months ended March 31, 2012. The table below summarizes stock option activity for the periods indicated:
|  | Shares |  |  | Weighted-average exercise price |  |  | Weighted-average remaining contractual life (in years) |  |  | Aggregate intrinsic value (in thousands) |
Balance, December 31, 2012 |  |  | 3,996,630 |  |  | $ | 29.45 |  |  |  | 2.2 |  |  | $ | - |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | (339,340 | ) |  |  | 20.45 |  |  |  |  |  |  |  |  |
Balance, March 31, 2013 |  |  | 3,657,290 |  |  | $ | 30.28 |  |  |  | 2.2 |  |  | $ | - |
Exercisable, March 31, 2013 |  |  | 3,657,290 |  |  | $ | 30.28 |  |  |  | 2.2 |  |  | $ | - |
At March 31, 2013, 2,674,892 shares were available under the Company’s 2005 Incentive Plan for future grants. The Company granted restricted stock units for 125,133 shares at an average closing price of $18.24 per share in 2012 and for 147,661 shares at an average closing price of $14.78 in 2011. The Company granted restricted stock units for 14,416 shares on March 14, 2013, at the closing price of $20.57. The restricted stock units granted in 2011, 2012, and 2013 are scheduled to vest two years from grant date. The following table presents information relating to the restricted stock units as of March 31, 2013:
|  | Units |
Balance at December 31, 2012 |  |  | 256,616 |
Granted |  |  | 14,416 |
Forfeited |  |  | - |
Vested |  |  | (62,657 | )
Balance at March 31, 2013 |  |  | 208,375 |
The compensation expense related to the restricted stock units was $609,000 for the three months ended March 31, 2013, compared to $353,000 for the three months ended March 31, 2012. Unrecognized stock-based compensation expense related to restricted stock units was $2.4 million at March 31, 2013, and is expected to be recognized over the next 1.5 years. The following table summarizes the tax short-fall from share-based payment arrangements:
|  | Three months ended March 31, |
(Dollars in thousands) |  | 2013 |  |  | 2012 |
Short-fall of tax deductions in excess of grant-date fair value |  | $ | (69 | ) |  | $ | (565 | )
Benefit of tax deductions on grant-date fair value |  |  | 596 |  |  |  | 663 |
Total benefit of tax deductions |  | $ | 527 |  |  | $ | 98 |

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration