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Note 19 - Equity Incentive Plans | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
19. | Equity Incentive Plans
In May 2015, the stockholders of the Company approved, the amended, and restated 2005 Incentive Plan, which provides that 3,562,168 shares of the Company’s common stock may be granted as incentive or non-statutory stock options, or as restricted stock, or as restricted stock units. As of December 31, 2018, the only options granted by the Company under the 2005 Incentive Plan, as amended and restated, 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). 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 three years ended 2018. The Company expects to issue new shares to satisfy stock option exercises and the vesting of restricted stock units. Cash received from exercises of stock options totaled $838,000 for 35,880 shares in 2018, $1.1 million for 46,790 shares in 2017, and $7.7 million for 327,830 shares in 2016. Aggregate intrinsic value for options exercised was $718,000 in 2018 compared to $663,000 in 2017. A summary of stock option activity for 2018, 2017, and 2016 follows:
|  |  |  |  |  |  |  |  |  | Weighted-Average Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted-Average |  |  | Contractual |  |  | Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Life (in years) |  |  | Value (in thousands) |
Balance, December 31, 2015 |  |  | 1,031,170 |  |  |  | 31.27 |  |  |  | 0.9 |  |  | $ | 3,268 |
Exercised |  |  | (327,830 | ) |  | $ | 23.37 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (620,670 | ) |  |  | 36.50 |  |  |  |  |  |  |  |  |
Balance, December 31, 2016 |  |  | 82,670 |  |  |  | 23.37 |  |  |  | 1.1 |  |  | $ | 1,211 |
Exercised |  |  | (46,790 | ) |  | $ | 23.37 |  |  |  |  |  |  |  |  |
Balance, December 31, 2017 |  |  | 35,880 |  |  |  | 23.37 |  |  |  | 0.1 |  |  | $ | 675 |
Exercised |  |  | (35,880 | ) |  | $ | 23.37 |  |  |  |  |  |  |  |  |
Balance, December 31, 2018 |  |  | - |  |  |  | - |  |  |  | 0.0 |  |  | $ | - |
At December 31, 2018, 2,621,737 shares were available under the 2005 Incentive Plan for future grants. In addition to stock options, the Company also grants restricted stock units (“RSUs”) to eligible employees which vest subject to continued employment at the vesting dates. or the attainment of specified performance goals. RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally vest ratably over three years or cliff vest after one or three years of continued employment from the date of the grant. While a portion of RSUs are time-vesting awards, others vest subject to the attainment of specified performance goals and are referred to as “performance-based RSUs.” All RSUs are subject to forfeiture until vested. Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero and to a maximum of 150% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs generally cliff vest three years from the date of grant. The following table presents RSU activity for 2018, 2017, and 2016:
|  | Time-Based RSUs |  |  | Performance-Based RSUs |
|  |  |  |  |  | Weighted-Average |  |  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant Date |  |  |  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |  |  | Shares |  |  | Fair Value |
Balance at December 31, 2015 |  |  | 85,111 |  |  |  | 27.55 |  |  |  | 457,264 |  |  |  | 26.84 |
Granted |  |  | 88,693 |  |  |  | 30.37 |  |  |  | 117,679 |  |  |  | 37.22 |
Vested |  |  | (13,780 | ) |  |  | 29.80 |  |  |  | - |  |  |  | - |
Forfeited |  |  | (7,548 | ) |  |  | 29.49 |  |  |  | - |  |  |  | - |
Balance at December 31, 2016 |  |  | 152,476 |  |  |  | 28.89 |  |  |  | 574,943 |  |  |  | 28.96 |
Granted |  |  | 87,781 |  |  |  | 38.59 |  |  |  | 159,264 |  |  |  | 40.36 |
Vested |  |  | (1,167 | ) |  |  | 38.03 |  |  |  | (394,335 | ) |  |  | 39.96 |
Forfeited |  |  | (17,352 | ) |  |  | 33.10 |  |  |  | - |  |  |  | - |
Balance at December 31, 2017 |  |  | 221,738 |  |  |  | 32.72 |  |  |  | 339,872 |  |  |  | 33.52 |
Granted |  |  | 141,810 |  |  |  | 43.30 |  |  |  | 55,455 |  |  |  | 39.46 |
Vested |  |  | (65,721 | ) |  |  | 41.59 |  |  |  | (121,336 | ) |  |  | 37.87 |
Forfeited |  |  | (13,334 | ) |  |  | 35.96 |  |  |  | (8,332 | ) |  |  | 29.61 |
Balance at December 31, 2018 |  |  | 284,493 |  |  |  | 35.79 |  |  |  | 265,659 |  |  |  | 32.90 |
All awards are deemed probable of issuance and the compensation expense recorded for restricted stock units was $7.3 million in 2018, $5.2 million in 2017, and $4.4 million in 2016. Unrecognized stock-based compensation expense related to restricted stock units was $9.8 million at December 31, 2018 and is expected to be recognized over the next 1.7 years. The Company adopted ASU 2016 - 09 in 2017 where all excess tax benefits and tax deficiencies from share based payments are recognized as income tax expense or benefit in the income statement instead of the previous accounting which credited excess tax benefits to additional paid-in capital and tax deficiencies as a charge to income tax expense or as an offset to accumulated excess tax benefits, if any.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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