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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Share-Based Compensation Expense For the three months ended June 30, 2018 and 2017, share-based compensation expenses were $930,000 and $670,000, respectively, and net tax benefits recognized from stock option and restricted stock awards were $262,000 and $274,000, respectively. For the six months ended June 30, 2018 and 2017, share-based compensation expenses were $1.8 million and $1.4 million, respectively, and net tax benefits recognized from stock option and restricted stock awards were $512,000 and $550,000, respectively. Excess tax benefits related to the Company's share-based compensation are recognized as income tax expense in the consolidated statement of income. Unrecognized Share-Based Compensation Expense As of June 30, 2018, unrecognized share-based compensation expense was as follows:
| Unrecognized Expense |  | Average Expected Recognition Period
| (in thousands) |  |
Restricted stock awards | $ | 5,756 |  |  | 2.2 years
There was no unrecognized share-based compensation expense for stock options at June 30, 2018. Stock Option Awards The table below provides stock option information for the three months ended June 30, 2018:
| 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 | 338,338 |  |  | $ | 17.54 |  |  | 5.5 years |  | $ | 4,469 |  | (1)
Options outstanding at end of period | 338,338 |  |  | $ | 17.54 |  |  | 5.5 years |  | $ | 3,657 |  | (2)
Options exercisable at end of period | 338,338 |  |  | $ | 17.54 |  |  | 5.5 years |  | $ | 3,657 |  | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $30.75 as of March 31, 2018, 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 $28.35 as of June 30, 2018, over the exercise price, multiplied by the number of options.
There were 10,500 stock options exercised during the three months ended June 30, 2017 and no stock option exercises during the three months ended June 30, 2018. The table below provides stock option information for the six months ended June 30, 2018:
| 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 | 364,088 |  |  | $ | 17.86 |  |  | 5.9 years |  | $ | 4,548 |  | (1)
Options exercised | (25,750 | ) |  | $ | 22.06 |  |  | 5.9 years |  | — |  |
Options outstanding at end of period | 338,338 |  |  | $ | 17.54 |  |  | 5.5 years |  | $ | 3,657 |  | (2)
Options exercisable at end of period | 338,338 |  |  | $ | 17.54 |  |  | 5.5 years |  | $ | 3,657 |  | (2)
(1) | Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $30.35 as of December 31, 2017, 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 $28.35 as of June 30, 2018, over the exercise price, multiplied by the number of options.
There were 25,750 and 11,500 stock options exercised during the six months ended June 30, 2018 and 2017, 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 six months ended June 30, 2018:
| Three Months Ended June 30, 2018 |  | Six Months Ended June 30, 2018
| 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 | 324,096 |  |  | $ | 22.38 |  |  | 317,783 |  |  | $ | 21.09 |
Restricted stock granted | 21,670 |  |  | 29.10 |  |  | 119,394 |  |  | 24.99 |
Restricted stock vested | (25,741 | ) |  | 25.87 |  |  | (78,654 | ) |  | 26.54 |
Restricted stock forfeited | (4,520 | ) |  | 29.89 |  |  | (43,018 | ) |  | 12.06 |
Restricted stock at end of period | 315,505 |  |  | 22.44 |  |  | 315,505 |  |  | 22.44 |

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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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