Setting the output onclick for a form

I wrote this

<form method="post" id="create">
  <div class="panel panel-success">
    <div class="panel-heading">
      <p>Create a new Wall Post</p>
    </div>
    <div class="panel-body">
      <textarea cols="80" id="text" name="text" rows="10" style="visibility: hidden; display: none;"></textarea>

      <script>
        $('#text').wysibb(options);
      </script>

      <div class="pull-right">
        <br>
        <button onclick="$('#text').val($('#text').htmlcode())" type="submit" name="create" class="btn btn-success">Post</button>
        <button type="reset" name="reset" class="btn btn-danger">Reset</button>
      </div>
    </div>
  </div>
</form>


  <?php
  if (isset($_REQUEST['create'])) {
      $p = WallPostManager::createWallPost($user, UserManager::isLoggedIn(), $_POST['text']);

      if ($p != false) {
          Utils::alert("News Post created", false);
          header('refresh: 1');
      }
  }

But for some reason, im getting the 'text' in bbcode when im specifying it to be on .htmlcode(), what could be happening? am i doing something wrong?