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Equity Incentive Plan
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 11 – Equity Incentive Plan
 
In 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), which replaced a stock incentive plan established in 1994. The 2005 Plan authorized the issuance of a maximum of 1,000,000 shares of common stock.
 
In 2014, the Company’s stockholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”), which replaced the 2005 Equity Incentive Plan. The 2014 Plan authorizes the issuance of a maximum of 700,000 shares of common stock.
 
No options were granted during 2016, 2015 or 2014.
 
Restricted common stock has been granted to certain employees under the 2014 Plan. As of December 31, 2016, there was $5.3 million of unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.4 years. The Company used 0% for both the discount factor and forfeiture rate for determining the fair value of restricted stock.
 
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company granted 93,363, 85,597 and 83,210 shares of restricted stock in 2016, 2015 and 2014, respectively to employees and Board of Directors. The restricted shares vest over a five-year period based on continued service to the Company.
 
Restricted share activity is summarized as follows (in thousands, except per share data):
 
 
 
Shares
Outstanding
 
Weighted Average
Grant Date
Fair Value
 
 
 
 
 
 
 
 
 
Unvested restricted stock at December 31, 2013
 
 
249
 
$
24.33
 
 
 
 
 
 
 
 
 
Restricted stock granted
 
 
83
 
$
28.72
 
Restricted stock vested
 
 
(79)
 
$
22.64
 
Restricted stock forfeited
 
 
(14)
 
$
26.03
 
 
 
 
 
 
 
 
 
Unvested restricted stock at December 31, 2014
 
 
239
 
$
26.24
 
 
 
 
 
 
 
 
 
Restricted stock granted
 
 
86
 
$
33.46
 
Restricted stock vested
 
 
(80)
 
$
25.13
 
Restricted stock forfeited
 
 
(32)
 
$
29.54
 
 
 
 
 
 
 
 
 
Unvested restricted stock at December 31, 2015
 
 
213
 
$
29.07
 
 
 
 
 
 
 
 
 
Restricted stock granted
 
 
93
 
$
37.67
 
Restricted stock vested
 
 
(72)
 
$
27.07
 
Restricted stock forfeited
 
 
(6)
 
$
35.58
 
 
 
 
 
 
 
 
 
Unvested restricted stock at December 31, 2016
 
 
228
 
$
33.02