XML 43 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 18 - Equity Incentive Plans
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
1
8
.
     
   Equity Incentive Plans
 
In
May 2015,
the stockholders of the Company approved,
the amended, and restated
2005
Incentive Plan which provides that
3,562,168
shares of the Company’s common stock
may
be granted as incentive or non-statutory stock options, or as restricted stock, or as restricted stock units. As of
December 31, 2017,
the only options granted by the Company under the
2005
Incentive Plan, as amended and restated, were non-statutory stock options to selected bank officers and non-employee directors at exercise prices equal to the fair market value of a share of the Company’s common stock on the date of grant. Such options have a maximum
ten
-year term and vest in
20%
annual increments (subject to early termination in certain events)
. If such options expire or terminate without having been exercised, any shares
not
purchased will again be available for future grants or awards.
There were
no
options granted during the
three
years ended
2017.
The Company expects to issue new shares to satisfy stock option exercises and the vesting of restricted stock units.
 
Cash received from exercises of stock options totaled
$1.1
million for
46,790
shares in
2017,
$7.7
million for
327,830
shares in
2016,
and
$5.0
million for
214,580
shares in
2015.
Aggregate intrinsic value for options exercised was
$663,000
in
2017
compared to
$4.0
million in
2016
.
 
A summary of stock option activity for
2017,
2016,
and
2015
follows:
 
 
   
 
 
 
  
 
 
 
  
Weighted-Average
    
Aggregate
  
   
 
 
 
  
Weighted-Average
    
Remaining Contractual
    
Intrinsic
  
   
Shares
    
Exercise Price
    
Life (in years)
    
Value (in thousands)
  
Balance, December 31, 2014
    
2,332,904
      
32.34
      
1.2
     $
1,388
  
Exercised
    
(214,580
 )   $
23.37
      
 
      
 
  
Forfeited
    
(1,087,154
 )    
35.13
      
 
      
 
  
Balance, December 31, 2015
    
1,031,170
      
31.27
      
0.9
     $
3,268
  
Exercised
    
(327,830
 )   $
23.37
      
 
      
 
  
Forfeited
    
(620,670
 )    
36.50
      
 
      
 
  
Balance, December 31, 2016
    
82,670
      
23.37
      
1.1
     $
1,211
  
Exercised
    
(46,790
 )   $
23.37
      
 
      
 
  
Balance, December 31, 2017
    
35,880
      
23.37
      
0.1
     $
675
  
Exercisable, December 31, 2017
    
35,880
     $
23.37
      
0.1
     $
675
  
 
At
December 31, 2017,
2
,776,289
shares were available under the
2005
Incentive Plan for future grants.
 
In addition to stock options, the Company also grants restricted stock units to eligible employees
which vest subject to continued employment at the vesting dates.
 
The Company granted restricted stock units for
87,781
shares at an average closing price of
$38.59
per share in
2017
,
88
,693
shares at an average closing price of
$30.37
per share in
2016
, and for
72,900
shares at an average closing price of
$28.11
per share in
2015.
The restricted stock units granted are scheduled to vest
three
years from grant date.
 
In
December 2013,
the Company granted performance share unit awards in which the number of units earned is calculated based on the relative total shareholder return (“TSR”) of the Company’s common stock as compared to the TSR of the KBW Regional Banking Index. In addition, the Company granted performance share unit awards in which the number of units earned is determined by comparison to the targeted EPS as defined in the award for the
2014
to
2016
period. In
December 2016,
in addition to TSR and EPS awards, the Company granted performance share unit awards in which the number of units earned is determined by comparison to the targeted return of assets ROA as defined in the award for
December 2016.
Performance TSR restricted stock units for
119,840
shares and performance EPS restricted stock units for
116,186
shares were granted to
eight
executive officers in
2013.
In
December 2014,
the Company granted additional performance TSR restricted stock units for
60,456
shares and performance EPS restricted stock units for
57,642
shares were granted to
seven
executive officers. In
December 2015,
the Company granted additional performance TSR restricted stock units for
61,209
shares and performance EPS restricted stock units for
57,409
shares were granted to
seven
executive officers. In
December 2016,
the Company granted additional performance TSR restricted stock units for
30,319
shares, performance EPS restricted stock units for
58,241
shares, and performance ROA restricted stock units for
29,119
shares were granted to
seven
executive officers. In
December 2017,
the Company granted additional performance TSR restricted stock units for
23
,556
shares and performance ROA restricted stock units for
22,377
shares to
six
executive officers. Performance TSR, performance EPS
, and performance ROA share awarded are scheduled to vest
three
years from grant date.
 
The following table pres
ents restricted stock unit activity for
2017,
2016,
and
2015:
 
   
Units
  
Balance at December 31, 2014
    
386,465
  
Granted
    
191,518
  
Vested
   
(26,924
 )
Cancelled or forfeited
    
(8,684
 )
Balance at December 31, 2015
    
542,375
  
Granted
    
206,372
  
Vested
   
(13,780
 )
Cancelled or forfeited
    
(7,548
 )
Balance at December 31, 2016
    
727,419
  
Granted
    
247,045
  
Vested
    
(395,502
 )
Cancelled or forfeited
    
(17,352
 )
Balance at December 31, 2017
    
561,610
  
 
 
All awards are deemed probable of issuance and t
he compensation expense recorded for restricted stock units was
$5.2
million in
2017,
$4.4
million in
2016
, and
$4.5
million in
2015
. Unrecognized stock-based compensation expense related to restricted stock units was
$9.5
million at
December 31, 2017,
and is expected to be recognized over the next
two
years.
 
The Company adopted
ASU
2016
-
09
in
2017
 where all excess tax benefits and tax deficiencies from share based payments are recognized as income tax expense or benefit in the income statement instead of the previous accounting which credited excess tax benefits to additional paid-in capital and tax deficiencies as a charge to income tax expense or as an offset to accumulated excess tax benefits, if any. In
2015,
the Company recognized a short-fall of tax deductions in excess of grant-date fair value of
$5.4
million and a benefit of tax deductions on grant-date fair value of
$6.5
million for a total benefit of tax deductions of
$1.1
million.