Equity Incentive Plan

12 Months Ended

Dec. 31, 2017

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 2017, 2016 or 2015.

Restricted common stock has been granted to certain employees under the 2014 Plan. As of December 31, 2017, there was $6.7 million of unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.5 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 88,466, 93,363 and 85,597 shares of restricted stock in 2017, 2016 and 2015, respectively to employees and 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, 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

Restricted stock granted		88	$	48.59
Restricted stock vested		(78)	$	30.95
Restricted stock forfeited		(11)	$	39.68

Unvested restricted stock at December 31, 2017		227	$	39.47

The intrinsic value of restricted shares redeemed was $1.1 millions, $0.7 million and $0.0 million for the years ended December 31, 2017, 2016 and 2015, respectively.