California Bank of Commerce NOTES TO FINANCIAL STATEMENTS 11.  SHARE-BASED COMPENSATION  (Continued) Stock Option Awards (Continued) Weighted Weighted Average  Average Remaining  Exercise Contractual  Options Shares Price Term (Years) Outstanding at January 1, 2010 660,703 $  9.79 7.81 Granted  24,993 $  6.86  Forfeited or canceled  (7,906) $  10.00  Outstanding at  December 31, 2010  677,790 $ 9.68 6.91 Vested or expected to vest at December 31, 2010  673,964 $ 9.69 6.90 Exercisable at  December 31, 2010  612,690 $ 9.93 6.68 Outstanding at December 31, 2010  677,790 $  9.68 6.91 Granted or exchanged  411,650 $  7.81  Forfeited or canceled  (370,305) $  9.90  Outstanding at  December 31, 2011  719,135 $ 8.49 6.73 Vested or expected to vest at December 31, 2011  703,878 $ 8.51 6.72 Exercisable at  December 31, 2011  453,842 $ 8.99 6.25 A summary of option activity under the Plan for the years ended December 31, 2011 and 2010 is  presented below: As of December 31, 2011, the unrecognized compensation cost related to non-vested stock option  awards totaled $400,440. That cost is expected to be amortized on a straight-line basis over a  weighted average period of 0.91 years and will be adjusted for subsequent changes in estimated  forfeitures. At December 31, 2011, there was no intrinsic value associated with outstanding stock option awards. 43