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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 19 - Stock Based Compensation The Company’s stockholders approved the 2017 Equity Compensation Plan (“the Plan”) on May 23, 2017. The Plan eliminates all remaining issuable shares under previous plans and is the only outstanding plan as of December 31, 2017. The maximum number of shares of common stock or equivalents, which may be issued under the Plan, is 750,000. Grants under the Plan can be in the form of stock options (qualified or non-qualified), restricted shares, restricted share units or performance units. Shares available for grant and issuance under the Plan as of December 31, 2017 are 750,000. The Company intends to issue all shares under the Plan in the form of newly issued shares. Restricted stock and option awards typically have a three-year vesting period starting one year after the date of grant with one-third vesting each year. The options generally expire ten years from the date of grant. Restricted stock awards granted to new employees and board members may be granted with shorter vesting periods. Grants of performance units typically have a cliff vesting after three years or upon a change of control. All issuances are subject to forfeiture if the recipient leaves or is terminated prior to the awards vesting. Restricted shares have the same dividend and voting rights as common stock, while options and performance units do not. All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards ratably over the vesting period. Forfeiture rates are not estimated but are handled on a case-by-case basis. No options were issued during the year ended December 31, 2017 or 2016. An aggregate of 57,164 restricted shares and 24,891 performance units were granted and awarded, respectively, during the year ended December 31, 2017 compared to 72,920 and 64,434 granted and awarded, respectively, for the year ended December 31, 2016. Option activity under the Company’s option plans as of and for the year ended December 31, 2017 were as follows:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (In Years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2016 |  |  | 358,367 |  |  | $ | 6.26 |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (66,389) |  |  |  | 6.61 |  |  |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2017 |  |  | 291,978 |  |  | $ | 6.18 |  |  |  | 1.97 |  |  | $ | 5,714,355 |
Exercisable at December 31, 2017 |  |  | 288,446 |  |  | $ | 6.08 |  |  |  | 1.93 |  |  | $ | 5,673,725 |
The aggregate intrinsic value of outstanding and exercisable options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2017. This amount changes based on the fair market value of the Parent Corporation’s stock.
Information related to stock option exercises during 2017: |  | 2017 |
Intrinsic value of options exercised |  | $ | 1,270,521 |
Cash received from options exercised |  |  | 417,000 |
Tax benefit realized from options exercised |  |  | 264,000 |
The aggregate intrinsic value of exercised options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the date of exercise and the exercise price, multiplied by the number of in-the-money options) of all options that were exercised during the year ending December 31, 2017. The tax benefit is calculated on any non-qualified options exercised during the period using a 36% tax rate. The below table represents information regarding restricted shares currently outstanding at December 31, 2017:
|  | Nonvested Shares |  |  | Weighted- Average Grant Date Fair Value |
Nonvested at December 31, 2016 |  |  | 111,273 |  |  | $ | 16.81 |
Granted |  |  | 57,164 |  |  |  | 23.82 |
Vested |  |  | (65,359) |  |  |  | 16.49 |
Forfeited/cancelled/expired |  |  | - |  |  |  | - |
Nonvested at December 31, 2017 |  |  | 103,078 |  |  | $ | 20.41 |
As of December 31, 2017, there was $1,073,000 of total unrecognized compensation cost related to nonvested restricted shares granted under the plans. The cost is expected to be recognized over a weighted average period of 1.4 years. A summary of the status of unearned performance unit awards and the change during the period is presented in the table below:
|  | Units (expected) |  |  | Units (maximum) |  |  | Weighted Average Grant Date Fair Value |
Unearned at December 31, 2016 |  |  | 151,572 |  |  |  | 189,455 |  |  | $ | 18.47 |
Awarded |  |  | 24,891 |  |  |  | 37,336 |  |  |  | 22.75 |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Adjustments |  |  | (25,269) |  |  |  | - |  |  |  | 18.47 |
Unearned at December 31, 2017 |  |  | 151,194 |  |  |  | 226,791 |  |  | $ | 19.19 |
At December 31, 2017, compensation cost of approximately $836,000 related to nonvested awards not yet recognized is expected to be recognized over a weighted-average period of 0.7 years.

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- 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
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