| Share-Based Compensation |
Note 8 —
Share-Based Compensation
Share-Based
Compensation Expense
For the three
months ended June 30, 2013 and 2012, share-based compensation
expense was $92,000 and $10,000, respectively, and the related tax
benefits on non-qualified stock options were $21,000 and $4,000,
respectively. For the six months ended June 30, 2013 and 2012,
share-based compensation expense was $189,000 and $102,000,
respectively, and the related tax benefits on non-qualified stock
options were $32,000 and $43,000, respectively.
Unrecognized
Share-Based Compensation Expense
As of
June 30, 2013, unrecognized share-based compensation expense
was as follows:
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Average Expected |
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Unrecognized |
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Recognition |
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Expense |
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Period |
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(In
thousands) |
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Stock option
awards
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$ |
768 |
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|
2.5 years |
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|
Restricted stock
awards
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|
33 |
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0.8 years |
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Total unrecognized
share-based compensation expense
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$ |
801 |
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2.4 years |
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The table below
provides stock option information for the three months ended
June 30, 2013:
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Aggregate |
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Weighted- |
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Weighted |
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Intrinsic |
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Average |
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Average |
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Value of |
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Exercise |
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Remaining |
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In-the- |
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Number of |
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Price
Per |
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Contractual |
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Money |
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Shares |
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Share |
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Life |
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Options |
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(In thousands, except
share and per share data) |
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Options outstanding at
beginning of period
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335,320 |
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$ |
37.78 |
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7.7 years |
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|
$ |
359 |
(1)
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Options
exercised
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(562 |
) |
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$ |
12.54 |
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9.5 years |
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Options
forfeited
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(1,125 |
) |
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$ |
12.54 |
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9.5 years |
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Options expired
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(3,663 |
) |
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$ |
81.22 |
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4.3 years |
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Options outstanding at
end of period
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329,970 |
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$ |
37.43 |
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7.5 years |
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$ |
1,015 |
(2) |
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Options exercisable at end
of period
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171,407 |
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$ |
60.50 |
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5.8 years |
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$ |
572 |
(2)
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| (1) |
Intrinsic value
represents the excess of the closing stock price on the last
trading day of the period, which was $16.00 as of March 31,
2013, 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 $17.67 as of June 30,
2013, over the exercise price, multiplied by the number of
options. |
The table below
provides stock option information for the six months ended
June 30, 2013:
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Aggregate |
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Weighted- |
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Weighted |
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Intrinsic |
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Average |
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Average |
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Value of |
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Exercise |
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Remaining |
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In-the- |
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Number of |
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Price
Per |
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Contractual |
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Money |
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Shares |
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Share |
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Life |
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Options |
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(In thousands, except
share and per share data) |
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Options outstanding at
beginning of period
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342,950 |
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$ |
37.44 |
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8.0 years |
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$ |
359 |
(1)
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Options
exercised
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(2,241 |
) |
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$ |
12.54 |
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9.5 years |
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Options
forfeited
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(6,376 |
) |
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$ |
12.54 |
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9.5 years |
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Options expired
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(4,363 |
) |
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$ |
87.60 |
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3.8 years |
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Options outstanding at
end of period
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329,970 |
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$ |
37.43 |
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7.5 years |
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$ |
1,015 |
(2) |
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Options exercisable at end
of period
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|
171,407 |
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$ |
60.50 |
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5.8 years |
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$ |
572 |
(2)
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| (1) |
Intrinsic value
represents the excess of the closing stock price on the last
trading day of the period, which was $13.59 as of December 31,
2012, 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 $17.67 as of June 30,
2013, over the exercise price, multiplied by the number of
options. |
There were 562
and 2,241 stock options exercised during the three and six months
ended June 30, 2013, respectively, compared to none during the
same periods in 2012.
Restricted
Stock Awards
Restricted
stock awards under the 2007 Plan generally become fully vested
after three to five years of continued employment from the date of
grant. Hanmi Financial becomes entitled to an income tax deduction
in an amount equal to the taxable income reported by the holders of
the restricted stock awards when the restrictions are released and
the shares are issued. Restricted stock awards are forfeited if
officers and employees terminate prior to the lapsing of
restrictions. Forfeitures of restricted stock awards are treated as
cancelled shares.
The table below
provides information for restricted stock awards for the three and
six months ended June 30, 2013:
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Three Months
Ended |
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Six Months
Ended |
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Weighted- |
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Weighted- |
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Average |
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Average |
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Grant Date |
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Grant Date |
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Number of |
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Fair Value |
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Number of |
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Fair Value |
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Shares |
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Per
Share |
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Shares |
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Per
Share |
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Restricted stock at
beginning of period
|
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8,000 |
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$ |
10.97 |
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10,500 |
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$ |
10.83 |
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Restricted stock
vested
|
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|
(4,500 |
) |
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$ |
10.95 |
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(7,000 |
) |
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$ |
10.75 |
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Restricted stock at end
of period
|
|
|
3,500 |
|
|
$ |
10.99 |
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3,500 |
|
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$ |
10.99 |
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