XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 6 - Stock-based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6 . 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 September 30, 2017, 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). There were no options granted during the first nine months of 2017 or 2016. Option compensation expense was zero for the three months and for the nine months ended September 30, 2017, and September 30, 2016. Stock-based compensation was fully recognized over the requisite service period for all awards. There were 43,540 and 2,110 stock option shares exercised in the nine months ended September 30, 2017 and 2016, respectively. The Company received $1.0 million from the exercise of stock options which had an aggregate intrinsic value of $607,000 during the nine months ended September 30, 2017 compared to $49,000 from the exercise of stock options which had an aggregate intrinsic value of $9,000 during the nine months ended September 30, 2016. The table below summarizes stock option activity for the periods indicated:
|  |  |  |  |  |  |  |  |  | Weighted-average |  |  | Aggregate |
|  |  |  |  |  | Weighted-average |  |  | Remaining Contractual |  |  | Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Life (in years) |  |  | Value (in thousands) |
Balance, December 31, 2016 |  |  | 82,670 |  |  | $ | 23.37 |  |  |  | 1.1 |  |  | $ | 1,211 |
Exercised |  |  | (18,040 | ) |  |  | 23.37 |  |  |  |  |  |  |  |  |
Balance, March 31, 2017 |  |  | 64,630 |  |  | $ | 23.37 |  |  |  | 0.9 |  |  | $ | 925 |
Exercised |  |  | (19,500 | ) |  |  | 23.37 |  |  |  |  |  |  |  |  |
Balance, June 30, 2017 |  |  | 45,130 |  |  | $ | 23.37 |  |  |  | 0.7 |  |  | $ | 658 |
Exercised |  |  | (6,000 | ) |  |  | 23.37 |  |  |  |  |  |  |  |  |
Balance, September 30, 2017 |  |  | 39,130 |  |  | $ | 23.37 |  |  |  | 0.4 |  |  | $ | 659 |
Exercisable, September 30, 2017 |  |  | 39,130 |  |  | $ | 23.37 |  |  |  | 0.4 |  |  | $ | 659 |
In addition to stock options, the Company also grants restricted stock units to eligible employees that vest subject to continued employment at the vesting dates. The Company grant ed restricted stock units for 87,781 shares at an average closing price of $38 .59 per share in the first nine months of 2017. The Company granted restricted stock units for 88,693 shares at an average closing price of $30.37 per share in 2016. Starting i n December 2013, 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 earnings per share (EPS) as defined in the award for the 2014 to 2016 period. In December 2016, in addition to TSR and EPS awards, the Company granted performance share unit awards in which the number of units earned is determined by comparison to the targeted return of assets ROA as defined in the award for December 2016. Performance TSR, performance EPS, and performance ROA units awarded are scheduled to vest on December 31 of the third full year from the grant date. The Company granted performance TSR restricted stock units for 30,319 shares in 2016, 61,209 shares in 2015 and 60,456 shares in 2014, performance EPS restricted stock units for 58,241 shares in 2016, 57,409 shares in 2015 and 57,642 shares in 2014, and performance ROA restricted stock units for 29,119 shares in 2016 , to its seven executive officers. In February 2017, after approval by the Company’s Compensation Committee, 297,171 shares of the Company’s stock were distributed under the TSR and EPS grants awarded in December 2013 under the terms of the awards, including 76,623 shares granted and distributed based on higher than target actual performance and for cash dividends during the performance period . The following table presents restricted stock unit activity during the nine months ended September 30, 2017:
|  | Units |
Balance at December 31, 2016 |  |  | 727,419 |
Granted |  |  | 164,404 |
Distributed |  |  | (297,905 | )
Forfeited |  |  | (10,424 | )
Balance at September 30, 2017 |  |  | 583,494 |
The compensa tion expense recorded for restricted stock units was $1.3 million for the three months ended September 30, 2017, compared to $1.2 million in the same period a year ago. For the nine months ended September 30, 2017 and 2016, compensation expense recorded related to the restricted stock units was $3 .9 million and $3.3 million, respectively. Unrecognized stock-based compensation expense related to restricted stock units was $9.1 million as of September 30, 2017, and is expected to be recognized over the next 2. 0 years. As of September 30, 2017, 3,465,411 shares were available under the Company’s 2005 Incentive Plan (as Amended and Restated) for future grants. T ax benefit from share-based payment arrangements of $2.6 million reduced income tax expense in the first nine months of 2017 compared to a tax short-fall of $3.4 million that was charged to income tax expense in the first nine months of 2016.

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 FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration