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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Share-Based Compensation Expense The Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation, during the three months ended March 31, 2016. Adoption of this ASU did not have a material impact on the Company's financial statements. As a result of adoption of this ASU, excess tax benefits related to the Company's share-based compensation were recognized as income tax expense in the consolidated statement of income during the nine months ended September 30, 2016. For the three months ended September 30, 2016 and 2015, share-based compensation expenses were $787,000 and $658,000, respectively, and net tax benefits recognized from stock option exercises and restricted stock awards were $313,000 and $229,000, respectively. For the nine months ended September 30, 2016 and 2015, share-based compensation expenses were $2.3 million and $1.7 million, respectively, and net tax benefits recognized from stock option exercises and restricted stock awards were $917,000 and $567,000, respectively. Unrecognized Share-Based Compensation Expense As of September 30, 2016, unrecognized share-based compensation expense was as follows:
| Unrecognized Expense |  | Average Expected Recognition Period
| (in thousands) |  |
Stock option awards | $ | 148 |  |  | 1.0 years
Restricted stock awards | 3,755 |  |  | 2.3 years
Total unrecognized share-based compensation expense | $ | 3,903 |  |  | 2.2 years
The table below provides stock option information for the three months ended September 30, 2016:
| Number of Shares |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value of In-the- Money Options |
|  |  |  |  |  |  | (in thousands) |
Options outstanding at beginning of period | 450,564 |  |  | $ | 19.97 |  |  | 7.2 years |  | $ | 2,727 |  | (1)
Options exercised | (2,375 | ) |  | $ | 12.54 |  |  | 6.2 years |  | — |  |
Options expired | (1,875 | ) |  | $ | 152.24 |  |  | 0.0 years |  | — |  |
Options outstanding at end of period | 446,314 |  |  | $ | 19.46 |  |  | 6.9 years |  | $ | 3,952 |  | (2)
Options exercisable at end of period | 391,642 |  |  | $ | 19.14 |  |  | 6.8 years |  | $ | 3,666 |  | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $23.49 as of June 30, 2016, 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 $26.34 as of September 30, 2016, over the exercise price, multiplied by the number of options.
The table below provides stock option information for the nine months ended September 30, 2016:
| Number of Shares |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value of In-the- Money Options |
|  |  |  |  |  |  | (in thousands) |
Options outstanding at beginning of period | 510,148 |  |  | $ | 24.38 |  |  | 7.3 years |  | $ | 3,219 |  | (1)
Options exercised | (42,584 | ) |  | $ | 13.90 |  |  | 6.1 years |  | — |  |
Options forfeited | (125 | ) |  | $ | 144.00 |  |  | 0.0 years |  | — |  |
Options expired | (21,125 | ) |  | $ | 148.70 |  |  | 0.0 years |  | — |  |
Options outstanding at end of period | 446,314 |  |  | $ | 19.46 |  |  | 6.9 years |  | $ | 3,952 |  | (2)
Options exercisable at end of period | 391,642 |  |  | $ | 19.14 |  |  | 6.8 years |  | $ | 3,666 |  | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $23.72 as of December 31, 2015, 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 $26.34 as of September 30, 2016, over the exercise price, multiplied by the number of options.
There were 2,375 and 13,311 stock options exercised during the three months ended September 30, 2016 and 2015, respectively, and 42,584 and 39,766 stock options exercised during the nine months ended September 30, 2016 and 2015, respectively. Restricted Stock Awards Restricted stock awards under the Company’s 2007 and 2013 Equity Compensation Plans typically vest over three 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. Forfeited shares of restricted stock become available for future grants upon forfeiture. The table below provides information for restricted stock awards for the three and nine months ended September 30, 2016:
| Three Months Ended September 30, 2016 |  | Nine Months Ended September 30, 2016
| Number of Shares |  | Weighted- Average Grant Date Fair Value Per Share |  | Number of Shares |  | Weighted- Average Grant Date Fair Value Per Share
Restricted stock at beginning of period | 358,871 |  |  | $ | 16.04 |  |  | 136,795 |  |  | $ | 20.74 |
Restricted stock granted | 1,345 |  |  | $ | 24.92 |  |  | 258,288 |  |  | $ | 14.47 |
Restricted stock vested | (33,956 | ) |  | $ | 16.85 |  |  | (68,156 | ) |  | $ | 19.68 |
Restricted stock forfeited | (1,334 | ) |  | $ | 20.99 |  |  | (2,001 | ) |  | $ | 21.41 |
Restricted stock at end of period | 324,926 |  |  | $ | 15.97 |  |  | 324,926 |  |  | $ | 15.97 |

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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