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Share-Based Compensation
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
 
For the nine month periods ended September 30, 2013 and 2012, share-based compensation cost recognized was $73,000 and $83,000, respectively. For the three month periods ended September 30, 2013 and 2012, share-based compensation cost recognized was $23,000 and $19,000, respectively. The recognized tax benefits for stock option compensation expense were $13,000 and $14,000, respectively, for the nine month periods ended September 30, 2013 and 2012. For the quarter ended September 30, 2013 and 2012, the recognized tax benefits for stock option compensation expense were $4,000 and $3,000, respectively. 
The Company bases the fair value of the options granted on the date of grant using a Black-Scholes Merton option pricing model that uses assumptions based on expected option life and the level of estimated forfeitures, expected stock volatility, risk free interest rate, and dividend yield.  The expected term and level of estimated forfeitures of the Company’s options are based on the Company’s own historical experience.  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 for the periods within the contractual life of the options in effect at the time of grant.  The compensation cost for options granted is based on the weighted average grant date fair value per share.
     No options to purchase shares of the Company’s common stock were issued in the first nine months of 2013 from either of the Company’s stock based compensation plans. During the quarter ended September 30, 2012, options to purchase 91,150 shares of the Company’s common stock were issued from the Central Valley Community Bancorp 2005 Omnibus Plan (2005 Plan) at an exercise price of $8.02.
A summary of the combined activity of the Company’s Stock Based Compensation Plans for the nine month period ended September 30, 2013 follows:
 
 
 
Shares
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic Value (In thousands)
Options outstanding at January 1, 2013
 
499,289

 
$
8.78

 
 
 
 

Options exercised
 
(92,199
)
 
$
8.48

 
 
 
 

Options forfeited
 
(25,470
)
 
$
9.15

 
 
 
 

Options outstanding at September 30, 2013
 
381,620

 
$
8.82

 
4.96
 
$
889

Options vested or expected to vest at September 30, 2013
 
376,118

 
$
8.83

 
4.91
 
$
874

Options exercisable at September 30, 2013
 
278,820

 
$
9.38

 
3.74
 
$
597


 
The total intrinsic value of 92,199 options exercised in the nine months ended September 30, 2013 was $77,000. Cash received from options exercised for the nine months ended September 30, 2013 and 2012 was $782,000 and $361,000, respectively.  The actual tax benefit realized for the tax deductions from options exercised totaled $16,000 and $25,000 for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, there was $292,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under both plans.  The cost is expected to be recognized over a weighted average period of 3.35 years.