XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Note 8 - Stock-based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
8. |  | Stock-Based Compensation
For the three months ended March 31, 2017 and 2016, the Company’s net income, as reported, includes $3.1 million and $3.0 million, respectively, of stock-based compensation costs and $1.0 million of income tax benefits related to the stock-based compensation plans in each of the periods. During the three months ended March 31, 2017 and 2016, the Company granted 276,900 and 337,175 restricted stock units, respectively. The Company has not granted stock options since 2009. At March 31, 2017, the Company had 5,600 stock options, all 100% vested, outstanding. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight line method. The following table summarizes the Company’s restricted stock unit (“RSU”) awards at or for the three months ended March 31, 2017:
|  | Shares |  | Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2016 |  |  | 488,779 |  |  | $ | 18.99 |
Granted |  |  | 276,900 |  |  |  | 28.21 |
Vested |  |  | (242,917 | ) |  |  | 21.93 |
Forfeited |  |  | (14,680 | ) |  |  | 21.77 |
Non-vested at March 31, 2017 |  |  | 508,082 |  |  | $ | 22.53 |
Vested but unissued at March 31, 2017 |  |  | 270,017 |  |  | $ | 22.33 |
As of March 31, 2017, there was $10.7 million of total unrecognized compensation cost related to RSU awards granted. That cost is expected to be recognized over a weighted-average period of 3.5 years. The total fair value of awards vested for the three months ended March 31, 2017 and 2016 were $7.0 million and $4.8 million, respectively. The vested but unissued RSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised during the three months ended March 31, 2017 and 2016 are provided in the following table:
|  | For the three months ended March 31,
(In thousands) |  | 2017 |  | 2016
Proceeds from stock options exercised |  | $ | - |  |  | $ | 19 |
Fair value of shares received upon exercised of stock options |  |  | - |  |  |  | 328 |
Tax expense related to stock options exercised |  |  | - |  |  |  | (16 | )
Intrinsic value of stock options exercised |  |  | - |  |  |  | 43 |
Phantom Stock Plan: The Company maintains a non-qualified phantom stock plan as a supplement to its profit sharing plan for officers who have achieved the designated level and completed one year of service. However, certain officers who have not reached the designated level but were already participants, remain eligible to participate in the Plan. Awards are made under this plan on certain compensation not eligible for contributions made under the profit sharing plan, due to the terms of the profit sharing plan and the Internal Revenue Code. Employees receive awards under this plan proportionate to the amount they would have received under the profit sharing plan, but for limits imposed by the profit sharing plan and the Internal Revenue Code. The awards are made as cash awards, and then converted to common stock equivalents (phantom shares) at the then current fair value of the Company’s common stock. Dividends are credited to each employee’s account in the form of additional phantom shares each time the Company pays a dividend on its common stock. In the event of a change of control (as defined in this plan), an employee’s interest is converted to a fixed dollar amount and deemed to be invested in the same manner as his interest in the Bank’s non-qualified deferred compensation plan. Employees vest under this plan 20% per year for the first 5 years of employment and are 100% vested thereafter. Employees also become 100% vested upon a change of control. Employees receive their vested interest in this plan in the form of a cash lump sum payment or installments, as elected by the employee, after termination of employment. The Company adjusts its liability under this plan to the fair value of the shares at the end of each period. The following table summarizes the Phantom Stock Plan at or for the three months ended March 31, 2017:
Phantom Stock Plan |  | Shares |  | Fair Value
Outstanding at December 31, 2016 |  |  | 89,339 |  |  | $ | 29.39 |
Granted |  |  | 6,743 |  |  |  | 27.17 |
Forfeited |  |  | - |  |  |  | - |
Distributions |  |  | (198 | ) |  |  | 28.93 |
Outstanding at March 31, 2017 |  |  | 95,884 |  |  | $ | 26.87 |
Vested at March 31, 2017 |  |  | 95,462 |  |  | $ | 26.87 |
The Company recorded stock-based compensation (benefit) expense for the Phantom Stock Plan of ($0.2 million) and $29,000 for the three months ended March 31, 2017 and 2016, respectively. The total fair value of the distributions from the Phantom Stock Plan was $6,000 and $28,000 for the three months ended March 31, 2017 and 2016, respectively.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration