STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015:



	Unrecognized Expense		Average Expected Recognition Period
	($ in thousands)
Stock option awards	$	890	2.8 years
Restricted stock awards and restricted stock units	11,521		2.7 years
Total	$	12,411	2.7 years

Option Activity

The following table represents stock option activity as of and for the three months ended September 30, 2015:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregated Intrinsic Value (In thousands)
Outstanding at beginning of period	780,516		$	12.75	7.5 years	$	935
Granted	33,696		$	13.75	9.8 years	$	—
Exercised	—		$	—	0.0 years	$	—
Forfeited	(10,000	)	$	12.03	8.9 years	$	—
Outstanding at end of period	804,212		$	12.80	7.6 years	$	180
Exercisable at end of period	355,033		$	12.61	6.6 years	$	104

The following table represents stock option activity as of and for the nine months ended September 30, 2015:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contract Term	Aggregated Intrinsic Value (In thousands)
Outstanding at beginning of period	879,070		$	12.67	7.3 years	$	32
Granted	33,696		$	13.75	9.8 years	$	—
Exercised	(40,000	)	$	11.60	5.2 years	$	—
Forfeited	(68,554	)	$	12.27	5.7 years	$	—
Outstanding at end of period	804,212		$	12.80	7.6 years	$	180
Exercisable at end of period	355,033		$	12.61	6.6 years	$	104

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, 2015:



	Three Months Ended September 30, 2015				Nine Months Ended September 30, 2015
	Number of Shares		Weighted- Average Exercise Price per Share		Number of Shares		Weighted- Average Exercise Price per Share
Outstanding at beginning of period	477,677		$	12.78	552,672		$	12.74
Granted	33,696		$	13.75	33,696		$	13.75
Vested	(52,194	)	$	12.14	(127,189	)	$	12.33
Forfeited	(10,000	)	$	12.03	(10,000	)	$	12.03
Outstanding at end of period	449,179		$	12.94	449,179		$	12.94

Restricted Stock and Restricted Stock Units Activity

The following table represents unvested restricted stock awards and restricted stock units activity as of and for the three and nine months ended September 30, 2015:



	Three Months Ended September 30, 2015				Nine Months Ended September 30, 2015
	Number of Shares		Weighted- Average Price per Share		Number of Shares		Weighted- Average Price per Share
Outstanding at beginning of period	1,592,930		$	12.38	1,287,302		$	12.53
Granted	87,877		$	13.75	754,858		$	12.33
Vested	(78,026	)	$	13.14	(364,255	)	$	12.65
Forfeited	(95,880	)	$	12.06	(171,004	)	$	12.16
Outstanding at end of period	1,506,901		$	12.44	1,506,901		$	12.44

Summary of all Outstanding SARs

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



	Initial		Additional SAR
	SAR		I ⁽¹⁾		II ⁽²⁾		III ⁽³⁾		IV ⁽⁴⁾		V ⁽⁵⁾		VI ⁽⁶⁾		VII⁽⁷⁾		VIII ⁽⁸⁾
Grant Date	8/21/2012		6/21/2013		7/1/2013		7/2/2013		12/10/2013		5/21/2014		5/21/2014		11/7/2014		9/30/2015
Number of shares	500,000		150,933		88,366		15,275		70,877		252,023		266,349		216,334		2,973
Base price per share	$	12.12	$	13.06	$	13.60	$	13.55	$	12.83	$	10.09	$	10.09	$	11.62	$	12.27
Grant date fair value per share	$	2.77	$	2.38	$	2.17	$	2.19	$	2.47	$	1.65	$	2.22	$	1.84	$	1.72


(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 230,391 shares and 33,870 shares were forfeited as of September 30, 2015. A portion of Additional SAR VI that has accelerated in vesting has the same terms and conditions as the Initial SAR.


(7)	Issued due to the Company's common stock issuance completed on November 7, 2014.


(8)	Issued due to the Company's common stock issuance for the exercise of warrants on August 3, 2015.