2.2.0.25falsefalse11101 - Disclosure - Stock Compensationtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($) / shares
USD ($)
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<p style="text-indent: -0.2in; margin: 0in 0in 0pt 0.2in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b>11. </b><b>Stock compensation</b></p>
<p style="text-indent: -0.2in; margin: 0in 0in 0pt 0.2in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<div>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">PSB has a 1997 Stock Option and Incentive Plan (the "1997 Plan") and a 2003 Stock Option and Incentive Plan (the "2003 Plan"), each covering 1.5 million shares of PSB's common stock. Under the 1997 Plan and 2003 Plan, PSB has granted non-qualified options to certain directors, officers and key employees to purchase shares of PSB's common stock at a price not less than the fair market value of the common stock at the date of grant. Additionally, under the 1997 Plan and 2003 Plan, PSB has granted restricted stock units to officers and key employees.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The weighted average grant date fair value of options granted during the three months ended March 31, 2010 was $5.99 per share. The Company has calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants during the three months ended March 31, 2010: a dividend yield of 3.4%; expected volatility of 17.5%; expected life of five years; and risk-free interest rates of 2.4%. No options were granted during the three months ended March 31, 2011.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">The weighted average grant date fair value of restricted stock units granted during the three months ended March 31, 2010 was $52.35. The Company calculated the fair value of each restricted stock unit grant using the market value on the date of grant. No restricted stock units were granted during the three months ended March 31, 2011.</p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">At March 31, 2011, there were a combined total of 886,000 options and restricted stock units authorized to grant. Information with respect to outstanding options and nonvested restricted stock units granted under the 1997 Plan and 2003 Plan is as follows:</p>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<div>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 2.35pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="97%">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="293">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt">Options:</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="73">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Number of</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Options </font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Weighted</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Average</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Exercise Price </font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="80">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Weighted</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Average</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Remaining</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Contract Life </font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Aggregate</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Intrinsic</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Value</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> (in thousands) </font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Outstanding at December 31, 2010 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> 577,816</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 48.95<font style="background: yellow;" class="_mt"> </font></font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Granted </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> —</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ —</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Exercised </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> (22,600)</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 41.81<font style="background: yellow;" class="_mt"> </font></font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Forfeited </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> <u> —</u></font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> <u>$ —</u></font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Outstanding at March 31, 2011 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> 555,216 <font style="background: yellow;" class="_mt"> </font></font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 49.24 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="center"><font style="line-height: 93%;" class="_mt">6.38 Years</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 5,246</font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 220pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="293">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Exercisable at March 31, 2011 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 54.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="73">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> 291,216 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 63.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 46.10 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 60.35pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="80">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="center"><font style="line-height: 93%;" class="_mt">4.42 Years</font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.15pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="83">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 3,700</font></p></td></tr></table></div>
<p style="margin: 0in 0in 0pt 15pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<div>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; margin-left: 5.4pt; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="302">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt">Restricted Stock Units:</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="72">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Number of</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Units </font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="top" width="248">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt"> Weighted</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt">Average Grant</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt">Date Fair Value </font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="302">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Nonvested at December 31, 2010 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> 85,674</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="248">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 53.60</font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="302">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Granted </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> —</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="248">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ —<font style="background: yellow;" class="_mt"> </font></font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="302">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Vested </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> (24,030)</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="248">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 56.08<font style="background: yellow;" class="_mt"> </font></font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="302">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt 12.55pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Forfeited </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> <u> (3,500</u>)</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="248">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> <u>$ 51.53</u></font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 226.4pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="302">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Nonvested at March 31, 2011 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 53.9pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> 58,144 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.1pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="248">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt"> $ 52.70 </font></p></td></tr></table></div>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<div><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> Included in the Company's consolidated statements of income for the three months ended March 31, 2011 and 2010, was $136,000 and $94,000, respectively, in net compensation expense related to stock options. Net compensation expense of $287,000 and $479,000 related to restricted stock units was recognized during the three months ended March 31, 2011 and 2010, respectively.</font></div>
<div><font size="2" class="_mt"> </font> </div>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> As of March 31, 2011, there was $1.5 million of unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 3.7 years. As of March 31, 2011, there was $3.1 million of unamortized compensation expense related to restricted stock units expected to be recognized over a weighted average period of 3.3 years.</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Cash received from 22,600 stock options exercised during the three months ended March 31, 2011 was $944,000. Cash received from 73,000 stock options exercised during the three months ended March 31, 2010 was $2.6 million. The aggregate intrinsic value of the stock options exercised during the three months ended March 31, 2011 and 2010 was $445,000 and $1.2 million, respectively. </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">During the three months ended March 30, 2011, 24,030 restricted stock units vested; in settlement of these units, 15,232 shares were issued, net of shares applied to payroll taxes. The aggregate fair value of the shares vested for the three months ended March 31, 2011 was $1.4 million. During the three months ended March 31, 2010, 31,597 restricted stock units vested; in settlement of these units, 19,892 shares were issued, net of shares applied to payroll taxes. The aggregate fair value of the shares vested for the three months ended March 31, 2010 was $1.7 million. </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> In May of 2004, the shareholders of the Company approved the issuance of up to 70,000 shares of common stock under the Retirement Plan for Non-Employee Directors (the "Director Plan"). Under the Director Plan, the Company grants 1,000 shares of common stock for each year served as a director up to a maximum of 5,000 shares issued upon retirement. The Company recognizes compensation expense with regards to grants to be issued in the future under the Director Plan. As a result, included in the Company's consolidated statements of income was $36,000 and $42,000 in compensation expense for the three months ended March 31, 2011 and 2010, respectively. As of March 31, 2011 and 2010, there was $304,000 and $450,000, respectively, of unamortized compensation expense related to these shares. In January, 2011 the Company issued 5,000 shares to a director upon retirement with an aggregate fair value of $290,000. No shares were issued for the three months ended March 31, 2010.</font></div> </div>11. Stock compensation
PSB has a 1997 Stock Option and Incentive Plan (the "1997 Plan") and a 2003 Stock Option and Incentive Plan (the "2003falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringDisclosure of components of a stock option or other award plan under which share-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from share-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
falsefalse
12Stock CompensationUnKnownUnKnownUnKnownUnKnownfalsetrue