STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Unrecognized Share-Based Compensation Expense

The following table presents unrecognized share-based compensation expense as of September 30, 2014:



	Unrecognized Expense		Average Expected Recognition Period
	($ in thousands)
Stock option awards	$	1,193	3.3 years
Restricted stock awards and restricted stock units	11,079		3.5 years
Total	$	12,272	3.5 years

Option Activity

The following table represents stock option activity as of and for the three months ended September 30, 2014:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregated Intrinsic Value (In thousands)
Outstanding at beginning of period	818,054		$	12.75	7.5 years	$	—
Granted	81,016		$	11.65	9.8 years	$	22
Exercised	(20,000	)	$	11.78
Outstanding at end of period	879,070		$	12.67	7.5 years	$	59
Exercisable at end of period	206,016		$	11.34	7.4 years	$	59

The following table represents stock option activity as of and for the nine months ended September 30, 2014:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregated Intrinsic Value (In thousands)
Outstanding at beginning of period	734,721		$	12.73	7.5 years	$	741
Granted	231,016		$	12.05	9.6 years	$	22
Exercised	(86,667	)	$	11.46
Outstanding at end of period	879,070		$	12.67	7.5 years	$	59
Exercisable at end of period	206,016		$	11.34	7.4 years	$	59

Nonvested Share

The following table represents changes in unvested stock options and related information as of and for the three and nine months ended September 30, 2014:



	Three Months Ended September 30, 2014				Nine Months Ended September 30, 2014
	Number of Shares		Weighted- Average Exercise Price per Share		Number of Shares		Weighted- Average Exercise Price per Share
Non-vested outstanding at beginning of period	544,569		$	12.93	419,569		$	13.16
Granted	81,016		$	11.65	231,016		$	12.05
Vested	(20,000	)	$	12.64	(45,000	)	$	12.76
Non-vested outstanding at end of period	605,585		$	12.77	605,585		$	12.77

Restricted Stock and Restricted Stock Units Activity

The following table represents restricted stock awards and restricted stock units activity as of and for the three and nine months ended September 30, 2014:



	Three Months Ended September 30, 2014				Nine Months Ended September 30, 2014
	Number of Shares		Weighted- Average Price per Share		Number of Shares		Weighted- Average Price per Share
Non-vested shares outstanding at beginning of period	1,276,453		$	12.93	893,886		$	13.78
Granted	154,981		$	11.47	798,460		$	11.83
Vested	(37,477	)	$	14.03	(137,268	)	$	13.55
Forfeited	(58,975	)	$	13.43	(220,096	)	$	13.31
Non-vested shares outstanding at end of period	1,334,982		$	12.70	1,334,982		$	12.70

Summary of all Outstanding SARs

The following table represents a summary of all outstanding SARs (Initial SAR, Additional SARs and Additional SAR VI, together the SARs):



	Initial SAR		Additional SAR I ⁽¹⁾		Additional SAR II ⁽²⁾		Additional SAR III ⁽³⁾		Additional SAR IV ⁽⁴⁾		Additional SAR V ⁽⁵⁾		Additional SAR VI ⁽⁶⁾
Grant Date	8/21/2012		6/21/2013		7/1/2013		7/2/2013		12/10/2013		5/21/2014		5/21/2014
Number of shares	500,000		150,933		88,366		15,275		70,877		252,023		289,116
Base price per share	$	12.12	$	13.06	$	13.60	$	13.55	$	12.83	$	10.09	$	10.09
Grant date fair value per share	$	3.58	$	1.86	$	1.94	$	1.93	$	1.86	$	1.22	$	1.58


(1)	Issued due to the Company’s common stock issuance for an underwritten public offering completed on June 21, 2013.


(2)	Issued due to the Company’s common stock issuance in connection with the PBOC acquisition completed on July 1, 2013.


(3)	Issued due to the Company’s common stock issuance for the exercise of over-allotment option granted to the underwriters of the Company’s public common stock offering initially completed on June 21, 2013.


(4)	Issued due to the Company’s common stock issuance in a private placement completed on December 10, 2013.


(5)	Issued due to the Company’s common stock issuance for an underwritten public offering completed on May 21, 2014.

(6)

The Additional SAR VI originally related to 300,219 shares of common stock with a scheduled vesting of May 21, 2017, as described above. As a result of the settlements of portions of the Purchase Contacts, the Additional SAR VI accelerated in vesting with respect to 81,979 shares and 11,103 shares were forfeited as of September 30, 2014. A portion of Additional SAR VI that has accelerated in vesting has the same terms and conditions as the Initial SAR.