XML 54 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Share-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | SHARED-BASED COMPENSATION On December 31, 2011, the Company had two share-based compensation plans, which are described below. The Plans do not provide for the settlement of awards in cash and new shares are issued upon option exercise or restricted share grants. On November 15, 2000, the Company adopted, and subsequently amended on December 20, 2000, the Central Valley Community Bancorp 2000 Stock Option Plan (2000 Plan) for which 416,769 shares remain reserved for issuance for options already granted to employees and directors under incentive and nonstatutory agreements. The plan expired on November 15, 2010. Outstanding options under this plan are exercisable until their expiration, however, no new options will be granted under this plan. The plan required that the option price may not be less than the fair market value of the stock at the date the option was granted, and that the option price must be paid in full at the time it is exercised. The options under the plan expire on dates determined by the Board of Directors, but not later than 10 years from the date of grant. The vesting period was determined by the Board of Directors and was generally over five years. In May 2005, the Company adopted the Central Valley Community Bancorp 2005 Omnibus Incentive Plan (2005 Plan). The plan provides for awards in the form of incentive stock options, non-statutory stock options, stock appreciation rights, and restricted stock. The plan also allows for performance awards that may be in the form of cash or shares of the Company, including restricted stock. The maximum number of shares that can be issued with respect to all awards under the plan is 476,000. Currently under the 2005 Plan, there are 94,250 shares reserved for issuance for options already granted to employees and 381,750 remain reserved for future grants as of December 31, 2011. The 2005 plan requires that the exercise price may not be less than the fair market value of the stock at the date the option is granted, and that the option price must be paid in full at the time it is exercised. The options and awards under the plan expire on dates determined by the Board of Directors, but not later than 10 years from the date of grant. The vesting period for the options and option related stock appreciation rights is determined by the Board of Directors and is generally over five years. No options to purchase shares of the Company’s common stock were issued during the year ending December 31, 2011 from any of the company's stock based compensation plans. In 2010, options to purchase 15,200 shares of the Company’s common stock were granted from the 2000 Plan at an exercise price of $5.76 and options to purchase 67,800 shares of common stock were granted from the 2005 Plan at exercise prices between $5.30 and $5.76. In 2009, options to purchase 13,500 shares of the Company’s common stock were granted at exercise prices of between $5.06 and $6.40 from the 2005 Plan. All options were granted with an exercise price equal to the market value on the grant date. The Company bases the fair value of the options previously granted on the date of grant using a Black-Scholes-Merton option pricing model that uses assumptions based on expected option life, the level of estimated forfeitures, expected stock volatility and the risk-free interest rate. Stock volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve and the expected term of the options. Historical data is used to determine the expected term of its stock options. The fair value of each option is estimated on the date of grant using the following assumptions.
| 2010 |  | 2009
Dividend yield | 0.00% |  | 0.10%
Expected volatility | 40% - 44% |  | 31% - 38%
Risk-free interest rate | 1.47% - 2.43% |  | 1.52% - 1.87%
Expected option term | 6.5 years |  | 6.5 years
For the years ended December 31, 2011, 2010, and 2009, the compensation cost recognized for share based compensation was $196,000, $239,000, and $284,000, respectively. The recognized tax benefit for share based compensation expense was $36,000, $42,000, and $44,000 for 2011, 2010, and 2009, respectively. A summary of the combined activity of the Plans for the years ended December 31, 2011, 2010, and 2009 follows:
| Number of Stock Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
| (Dollars in thousands, except per share amounts)
Options outstanding at January 1, 2009 | 823,881 |  |  |  |  |  |  |  |  |  |
Options granted | 13,500 |  |  | $ | 5.21 |  |  |  |  |  |  |
Options exercised | (42,522 | ) |  | $ | 4.11 |  |  |  |  |  |  |
Options canceled | (4,925 | ) |  | $ | 8.10 |  |  |  |  |  |  |
Options outstanding at December 31, 2009 | 789,934 |  |  | $ | 6.70 |  |  | 3.29 |  |  | $ | 668 |
Options vested or expected to vest at December 31, 2009 | 757,726 |  |  | $ | 6.60 |  |  | 4.46 |  |  | $ | 668 |
Options exercisable at December 31, 2009 | 679,507 |  |  | $ | 6.46 |  |  | 2.65 |  |  | $ | 668 |
Options outstanding at January 1, 2010 | 789,934 |  |  |  |  |  |  |  |  |  |
Options granted | 83,000 |  |  | $ | 5.75 |  |  |  |  |  |  |
Options exercised | (159,400 | ) |  | $ | 3.45 |  |  |  |  |  |  |
Options canceled | (6,405 | ) |  | $ | 8.59 |  |  |  |  |  |  |
Options outstanding at December 31, 2010 | 707,129 |  |  | $ | 7.31 |  |  | 3.78 |  |  | $ | 350 |
Options vested or expected to vest at December 31, 2010 | 687,832 |  |  | $ | 7.34 |  |  | 6.04 |  |  | $ | 350 |
Options exercisable at December 31, 2010 | 568,891 |  |  | $ | 7.62 |  |  | 4.34 |  |  | $ | 350 |
Options outstanding at January 1, 2011 | 707,129 |  |  |  |  |  |  |  |  |  |
Options exercised | (179,800 | ) |  | $ | 3.78 |  |  |  |  |  |  |
Options canceled | (16,310 | ) |  | $ | 6.93 |  |  |  |  |  |  |
Options outstanding at December 31, 2011 | 511,019 |  |  | $ | 8.56 |  |  | 3.92 |  |  | $ | 12 |
Options vested or expected to vest at December 31, 2011 | 494,692 |  |  | $ | 8.64 |  |  | 5.44 |  |  | $ | 12 |
Options exercisable at December 31, 2011 | 422,375 |  |  | $ | 9.11 |  |  | 3.08 |  |  | $ | 10 |
The weighted-average grant-date fair value of options granted during 2010, and 2009 was $2.58, and $1.33, respectively. There were no options granted in 2011. The total intrinsic value of options exercised in the years ended December 31, 2011, 2010, and 2009 was $417,000, $349,000, and $51,000, respectively. Cash received from options exercised for the years ended December 31, 2011, 2010, and 2009 was $680,000, $550,000, and $175,000, respectively. The tax benefit realized for the tax deductions from options exercised totaled $116,000, $28,000, and $7,000 for the years ended December 31, 2011, 2010, and 2009, respectively. As of December 31, 2011, there was $197,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all Plans. The cost is expected to be recognized over a weighted average period of 2.85 years. The total fair value of options vested was $123,000 and $260,000 for the years ended December 31, 2011 and 2010, respectively.

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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 6: 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 7: 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 8: 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 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration