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Share-Based Compensation Arrangements
 6 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Arrangements
Share-Based Compensation Arrangements
On April 23, 2013, Bancorp’s shareholders approved the 2013 Stock Option and Incentive Plan (“2013 Plan”). Under the 2013 Plan, the maximum number of shares of the Bancorp’s common stock to be issued is 1,748,250. Under the 2013 Plan, the Corporation is permitted to issue various incentive awards, such as stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance shares, dividend equivalent rights and cash-based awards. The Corporation also has two other share-based compensation plans, the 2003 Stock Incentive Plan, as amended, and the 1997 Equity Incentive Plan, as amended. See our Annual Report on Form 10‑K for the fiscal year ended December 31, 2012.

Nonvested Share Units
During the six months ended June 30, 2013, the Corporation granted the following nonvested share units to directors.
Date
Units Granted
Fair Value
Plan
Vesting Period
4/23/2013
12,000
$26.79
2013 Plan
3 year cliff vesting

The nonvested share units awarded were valued at the fair market value as of the award date.

Nonvested Performance Shares
During the six months ended June 30, 2013, the Corporation granted the following performance share award to certain executive officers.
Date
Share Range
Fair Value
Plan
Vesting Period
1/22/2013
0 to 60,300
$26.05
2003 Stock Incentive Plan
3 year performance period


The performance shares awarded were valued at the fair market value as of the award date. The number of shares earned will range from zero to 200% of the target number of shares dependent upon the Corporation’s core return on equity and core earnings per share growth ranking compared to an industry peer group. The current assumption based on the most recent peer group information available results in shares earned at 150% of the target, or 45,225 shares.