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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $913,000 and $1,966,000 for the three and nine months ended September 30, 2018, respectively, and $459,000 and $1,484,000 for the three and nine months ended September 30, 2017, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows:
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant-Date |
Nonvested RSAs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | 102,776 |  |  | $ | 18.68 |
Granted |  |  | 65,001 |  |  |  | 40.64 |
Vested |  |  | (63,995 | ) |  |  | 20.38 |
Forfeited |  |  | (2,422 | ) |  |  | 27.56 |
Nonvested at September 30, 2018 |  |  | 101,360 |  |  | $ | 31.48 |
RSAs granted to employees under the Omnibus Incentive Plan typically vest over three to four years. Compensation expense for the RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of September 30, 2018, there was $2,166,000 of unrecognized compensation cost related to the nonvested RSAs. The cost is expected to be recognized over a remaining period of 3.17 years. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows:
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant-Date |
Nonvested RSUs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 59,658 |  |  |  | 38.75 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested at September 30, 2018 |  |  | 59,658 |  |  | $ | 38.75 |
RSUs granted to employees under the Omnibus Incentive Plan vest after five years. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of September 30, 2018, there was $2,118,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 4.59 years. Performance Stock Units A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows:
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant-Date |
Nonvested PSUs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 59,658 |  |  |  | 38.57 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested at September 30, 2018 |  |  | 59,658 |  |  | $ | 38.57 |
PSUs granted to employees under the Omnibus Incentive Plan vest after five years. The number of shares issued upon vesting will range from 0% to 175% of the PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of a specified group of peer banks. Compensation expense for the PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of PSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date.
|  | Nine Months Ended |
|  | September 30, 2018 |
Grant date |  | May 1, 2018 |
Performance period |  | 5.00 Years |
Stock price |  | $ | 38.85 |
Triumph stock price volatility |  |  | 29.13 | %
Risk-free rate |  |  | 2.76 | %
As of September 30, 2018, there was $2,108,000 of unrecognized compensation cost related to the nonvested PSUs. The cost is expected to be recognized over a remaining period of 4.59 years. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2018 were as follows:
|  |  |  |  |  |  |  |  |  | Weighted-Average |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted-Average |  |  | Contractual Term |  |  | Intrinsic Value |
Stock Options |  | Shares |  |  | Exercise Price |  |  | (In Years) |  |  | (In Thousands) |
Outstanding at January 1, 2018 |  |  | 185,328 |  |  | $ | 18.97 |  |  |  |  |  |  |  |  |
Granted |  |  | 51,952 |  |  |  | 38.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (2,556 | ) |  |  | 17.16 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (3,186 | ) |  |  | 18.98 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2018 |  |  | 231,538 |  |  | $ | 23.43 |  |  |  | 8.22 |  |  | $ | 3,448 |
Fully vested shares and shares expected to vest at September 30, 2018 |  |  | 231,538 |  |  | $ | 23.43 |  |  |  | 8.22 |  |  | $ | 3,448 |
Shares exercisable at September 30, 2018 |  |  | 75,550 |  |  | $ | 17.73 |  |  |  | 7.69 |  |  | $ | 1,547 |
Information related to the stock options for the nine months ended September 30, 2018 and 2017 was as follows:
|  | Nine Months Ended September 30, |
(Dollars in thousands, except per share amounts) |  | 2018 |  |  | 2017 |
Aggregate intrinsic value of options exercised |  | $ | 59 |  |  | $ | 243 |
Cash received from option exercises |  |  | — |  |  |  | 281 |
Tax benefit realized from options exercises |  |  | 12 |  |  |  | 85 |
Weighted average fair value of options granted |  | $ | 13.22 |  |  | $ | 8.71 |
Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted-average assumptions:
|  | Nine Months Ended September 30, |
|  | 2018 |  |  | 2017 |
Risk-free interest rate |  |  | 2.85 | % |  |  | 2.11 | %
Expected term |  | 6.25 years |  |  | 6.25 Years |
Expected stock price volatility |  |  | 28.07 | % |  |  | 29.70 | %
Dividend yield |  |  | — |  |  |  | — |
As of September 30, 2018, there was $804,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 3.11 years.

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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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