Share-Based Payment Arrangements

9 Months Ended

Sep. 30, 2011

Share-Based Payment Arrangements [Abstract]

Share-Based Payment Arrangements

9. Share-Based Payment Arrangements

Stock Option Plans

Hancock maintains incentive compensation plans that incorporate share-based compensation. These plans have been approved by the Company's shareholders. Detailed descriptions of these plans were included in note 11 to the consolidated financial statements in the Company's annual report on Form 10-K for the year ended December 31, 2010.

Whitney's outstanding stock options were converted to Hancock options at the date of acquisition. These options will expire at the earlier of (1) their expiration date (which is generally ten years after the grant date), except for grants made in 2005, which will expire six months following the Merger or (2) a date following termination of employment, as set forth in the prior grant plan document. These options have no intrinsic value.

A summary of option activity under the plans for the nine months ended September 30, 2011, and changes during the nine months then ended is presented below:

Options	Number of Shares			Weighted- Average Exercise Price ($)		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2011		1,129,520		$	35.08		6.3
Whitney options converted at acquisition date		775,261			62.64		1.8
Granted		1,651			31.22
Exercised		(5,194	)		22.07			$	100
Forfeited or expired		(301,411	)		59.28
Outstanding at September 30, 2011		1,599,827		$	43.91		3.9	$	551
Exercisable at September 30, 2011		1,181,809		$	46.65		3.2	$	551

The total intrinsic value of options exercised during the nine months ended September 30, 2011 and 2010 was $0.1 million and $0.6 million, respectively.

A summary of the status of the Company's nonvested shares as of September 30, 2011, and changes during the nine months ended September 30, 2011, is presented below:

	Number of Shares			Weighted- Average Grant-Date Fair Value ($)
Nonvested at January 1, 2011		855,873		$	23.76
Granted		597,170			31.91
Vested		(329,196	)		24.21
Forfeited		(16,658	)		28.29
Nonvested at September 30 , 2011		1,107,189		$	27.95

As of September 30, 2011, there was $26.4 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 3.2 years. The total fair value of shares which vested during the nine months ended September 30, 2011 and 2010 was $8.0 million and $1.6 million, respectively.