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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Note 13 — Share-Based Compensation Share-Based Compensation Expense For the three months ended March 31, 2015 and 2014, share-based compensation expenses were $528,000 and $605,000, respectively. Net tax benefits recognized from stock option exercises and restricted stock awards vesting were $30,000 and $112,000 for the three months ended March 31, 2015 and 2014, respectively. Unrecognized Share-Based Compensation Expense As of March 31, 2015, unrecognized share-based compensation expense was as follows:
|  |  |  |  | Average Expected |
|  | Unrecognized |  |  | Recognition |
|  | Expense |  |  | Period |
|  | (In thousands) |
Stock option awards |  | $ | 1,137 |  |  |  | 1.6 years |
Restricted stock awards |  |  | 2,360 |  |  |  | 2.0 years |
Total unrecognized share-based compensation expense |  | $ | 3,497 |  |  |  | 1.8 years |
The table below provides stock option information for the three months ended March 31, 2015:
|  |  |  |  | Weighted- |  |  | Weighted- |  |  | Aggregate |
|  |  |  |  | Average |  |  | Average |  |  | Intrinsic |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Value of |
|  | Number of |  |  | Price Per |  |  | Contractual |  |  | In-the-Money |
|  | Shares |  |  | Share |  |  | Life |  |  | Options |
|  | (In thousands, except share and per share data) |
Options outstanding at beginning of period |  |  | 603,872 |  |  | $ | 23.78 |  |  |  | 8.3 years |  |  | $ | 2,853 | (1)
Options exercised |  |  | (19,581 | ) |  | $ | 14.20 |  |  |  | 8.0 years |  |  |  |  |
Options forfeited |  |  | (501 | ) |  | $ | 12.54 |  |  |  | 7.7 years |  |  |  |  |
Options expired |  |  | (125 | ) |  | $ | 144.00 |  |  |  | 1.1 years |  |  |  |  |
Options outstanding at end of period |  |  | 583,665 |  |  | $ | 24.09 |  |  |  | 8.0 years |  |  | $ | 2,383 | (2)
Options exercisable at end of period |  |  | 205,058 |  |  | $ | 35.12 |  |  |  | 6.8 years |  |  | $ | 1,158 | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $21.81 as of December 31, 2014, 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 $21.15 as of March 31, 2015, over the exercise price, multiplied by the number of options.
There were 19,581 stock options exercised during the three months ended March 31, 2015, compared to 15,195 stock options exercised during the same period in 2014. Restricted Stock Awards Restricted stock awards under the Company’s 2007 and 2013 Equity Compensation Plans typically vest over three to five years, and are subject to forfeiture if employment terminates prior to the lapse of restrictions. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Forfeitures of restricted stock are treated as cancelled shares. The table below provides information for restricted stock awards for the three months ended March 31, 2015:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value Per Share |
Restricted stock at beginning of period |  |  | 173,222 |  |  | $ | 19.58 |
Restricted stock granted |  |  | 3,850 |  |  | $ | 20.33 |
Restricted stock vested |  |  | (2,000 | ) |  | $ | 24.45 |
Restricted stock at end of period |  |  | 175,072 |  |  | $ | 19.55 |

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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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