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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | Note 8 — Share-Based Compensation Share-Based Compensation Expense For the three months ended September 30, 2013 and 2012, share-based compensation expense was $197,000 and $42,000, respectively, and the related tax benefits on non-qualified stock options were $0 and $18,000, respectively. For the nine months ended September 30, 2013 and 2012, share-based compensation expense was $387,000 and $144,000, respectively, and the related tax benefits on non-qualified stock options were $32,000 and $61,000, respectively. Unrecognized Share-Based Compensation Expense As of September 30, 2013, unrecognized share-based compensation expense was as follows:
|  |  |  |  | Average Expected |
|  | Unrecognized |  |  | Recognition |
|  | Expense |  |  | Period |
|  | (In thousands) |
Stock option awards |  | $ | 2,158 |  |  |  | 2.7 years |
Restricted stock awards |  |  | 1,794 |  |  |  | 2.9 years |
Total unrecognized share-based compensation expense |  | $ | 3,952 |  |  |  | 2.8 years |
The table below provides stock option information for the three months ended September 30, 2013:
|  |  |  |  |  |  |  |  |  |  | Aggregate |
|  |  |  |  | Weighted- |  |  | Weighted |  |  | Intrinsic |
|  |  |  |  | Average |  |  | Average |  |  | Value of |
|  |  |  |  | Exercise |  |  | Remaining |  |  | In-the- |
|  | Number of |  |  | Price Per |  |  | Contractual |  |  | Money |
|  | Shares |  |  | Share |  |  | Life |  |  | Options |
|  | (In thousands, except share and per share data) |
Options outstanding at beginning of period |  |  | 329,970 |  |  | $ | 37.43 |  |  |  | 7.5 years |  |  | $ | 1,015 | (1)
Options granted |  |  | 305,000 |  |  | $ | 16.43 |  |  |  | 9.9 years |  |  |  |  |
Options exercised |  |  | (38,437 | ) |  | $ | 11.18 |  |  |  | 7.7 years |  |  |  |  |
Options forfeited |  |  | (16,125 | ) |  | $ | 12.46 |  |  |  | 9.0 years |  |  |  |  |
Options expired |  |  | (8,750 | ) |  | $ | 45.28 |  |  |  | 4.7 years |  |  |  |  |
Options outstanding at end of period |  |  | 571,658 |  |  | $ | 28.58 |  |  |  | 8.6 years |  |  | $ | 636 | (2)
Options exercisable at end of period |  |  | 124,220 |  |  | $ | 76.83 |  |  |  | 4.9 years |  |  | $ | 258 | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $17.67 as of June 30, 2013, over the exercise price, multiplied by the number of options.
(2) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $16.57 as of September 30, 2013, over the exercise price, multiplied by the number of options.
The table below provides stock option information for the nine months ended September 30, 2013:
|  |  |  |  |  |  |  |  |  |  | Aggregate |
|  |  |  |  | Weighted- |  |  | Weighted |  |  | Intrinsic |
|  |  |  |  | Average |  |  | Average |  |  | Value of |
|  |  |  |  | Exercise |  |  | Remaining |  |  | In-the- |
|  | Number of |  |  | Price Per |  |  | Contractual |  |  | Money |
|  | Shares |  |  | Share |  |  | Life |  |  | Options |
|  | (In thousands, except share and per share data) |
Options outstanding at beginning of period |  |  | 342,950 |  |  | $ | 37.44 |  |  |  | 8.0 years |  |  | $ | 359 | (1)
Options granted |  |  | 305,000 |  |  | $ | 16.43 |  |  |  | 9.9 years |  |  |  |  |
Options exercised |  |  | (40,678 | ) |  | $ | 11.25 |  |  |  | 7.7 years |  |  |  |  |
Options forfeited |  |  | (22,501 | ) |  | $ | 12.48 |  |  |  | 9.1 years |  |  |  |  |
Options expired |  |  | (13,113 | ) |  | $ | 59.36 |  |  |  | 4.3 years |  |  |  |  |
Options outstanding at end of period |  |  | 571,658 |  |  | $ | 28.58 |  |  |  | 8.6 years |  |  | $ | 636 | (2)
Options exercisable at end of period |  |  | 124,220 |  |  | $ | 76.83 |  |  |  | 4.9 years |  |  | $ | 258 | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $13.59 as of December 31, 2012, over the exercise price, multiplied by the number of options.
(2) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $16.57 as of September 30, 2013, over the exercise price, multiplied by the number of options.
There were 38,437 and 40,678 stock options exercised during the three and nine months ended September 30, 2013, respectively, compared to none during the same periods in 2012. Restricted Stock Awards Restricted stock awards under the 2013 Plan generally become fully vested after three to five years of continued employment from the date of grant. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock awards when the restrictions are released and the shares are issued. Restricted stock awards are forfeited if officers and employees terminate prior to the lapsing of restrictions. Forfeitures of restricted stock awards are treated as cancelled shares. The table below provides information for restricted stock awards for the three and nine months ended September 30, 2013:
|  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Grant Date |  |  |  |  |  | Grant Date |
|  | Number of |  |  | Fair Value |  |  | Number of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted stock at beginning of period |  |  | 3,500 |  |  | $ | 10.99 |  |  |  | 10,500 |  |  | $ | 10.83 |
Restricted stock granted |  |  | 111,332 |  |  | $ | 16.43 |  |  |  | 111,332 |  |  | $ | 16.43 |
Restricted stock vested |  |  | — |  |  |  | — |  |  |  | (7,000 | ) |  | $ | 10.75 |
Restricted stock forfeited |  |  | (750 | ) |  | $ | 10.80 |  |  |  | (750 | ) |  | $ | 10.80 |
Restricted stock at end of period |  |  | 114,082 |  |  | $ | 16.30 |  |  |  | 114,082 |  |  | $ | 16.30 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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