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Note 5 - Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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, 2015, 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 2015 or during 2014. Option compensation expense was zero for the three months ended March 31, 2015, and for the three months ended March 31, 2014. Stock-based compensation was fully recognized over the requisite service period for all awards. For the first quarter ended March 31, stock options covering 3,750 shares were exercised in 2015 compared to zero in the first quarter of 2014. Cash received totaled $88,000 and the aggregate intrinsic value totaled $10,000 from the exercise of stock options during the first quarter ended March 31, 2015. The table below summarizes stock option activity for the periods indicated:
|  |  |  |  |  |  |  |  |  | Weighted-average |  |  |  |
|  |  |  |  |  | Weighted-average |  |  | Remaining Contractual |  |  | Aggregate Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Life (in years) |  |  | Value (in thousands) |
Balance, December 31, 2014 |  |  | 2,332,904 |  |  | $ | 32.34 |  |  |  | 1.2 |  |  | $ | 1,388 |
Exercised |  |  | (3,750 | ) |  |  | 23.37 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (808,670 | ) |  |  | 35.63 |  |  |  |  |  |  |  |  |
Balance, March 31, 2015 |  |  | 1,520,484 |  |  | $ | 30.62 |  |  |  | 1.6 |  |  | $ | 3,156 |
Exercisable, March 31, 2015 |  |  | 1,520,484 |  |  | $ | 30.62 |  |  |  | 1.6 |  |  | $ | 3,156 |
In addition to stock options, the Company also grants restricted stock units to eligible employees which vest subject to continued employment at the vesting dates. The Company granted restricted stock units of 37,675 shares at an average closing price of $27.53 per share in the first quarter of 2015 compared to 17,601 shares at an average closing price of $24.66 per share in 2014. The restricted stock units granted are scheduled to vest two years from grant date for 2014 grants and to vest three years from grant date for 2015 grants. The Company granted performance share unit awards in which the number of units earned is calculated based on the relative total shareholder return (“TSR”) of the Company’s common stock as compared to the TSR of the KBW Regional Banking Index. In addition, the Company granted performance share unit awards in which the number of units earned is determined by comparison to the targeted EPS as defined in the award for the next three years. In December 2014, the Company granted performance TSR restricted stock units for 60,456 shares and performance EPS restricted stock units for 57,642 shares to six executive officers. Both the performance TSR and performance EPS units awarded in 2014 are scheduled to vest at December 31, 2017. The following table presents restricted stock unit activity from December 31, 2014, to March 31, 2015:
|  | Units |
Balance at December 31, 2014 |  |  | 386,465 |
Granted |  |  | 37,675 |
Vested |  |  | (16,709 | )
Forfeited |  |  | (7,265 | )
Balance at March 31, 2015 |  |  | 400,166 |
The compensation expense recorded for restricted stock units was $1.1 million for the first quarter ended March 31, 2015, compared to $1.0 million in the same period a year ago. Unrecognized stock-based compensation expense related to restricted stock units was $6.5 million at March 31, 2015, and is expected to be recognized over the next 2.3 years. At March 31, 2015, 3,562,168 shares were available under the Company’s 2005 Incentive Plan for future grants calculated based on maximum number of earned shares from TSR and EPS restricted stock units. The following table summarizes the tax benefit (short-fall) from share-based payment arrangements:
|  | Three months ended March 31, |
(Dollars in thousands) |  | 2015 |  |  | 2014 |
Short-fall of tax deductions in excess of grant-date fair value |  | $ | (4,395 | ) |  | $ | (1,227 | )
Benefit of tax deductions on grant-date fair value |  |  | 4,442 |  |  |  | 1,227 |
Total benefit of tax deductions |  | $ | 47 |  |  | $ | - |

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- 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 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 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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