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Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Shareholders' Equity [Abstract]  
Shareholders' Equity

(12.) SHAREHOLDERS' EQUITY

The Company's authorized capital stock consists of 50,210,000 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 210,000 of which are preferred stock, par value $100 per share, which is designated into two classes, Class A of which 10,000 shares are authorized, and Class B of which 200,000 shares are authorized. There are two series of Class A preferred stock: Series A 3% preferred stock and the Series A preferred stock. There is one series of Class B preferred stock: Series B-1 8.48% preferred stock. There were 173,398 shares of preferred stock issued and outstanding as of December 31, 2016 and 2015.

Common Stock

The following table sets forth the changes in the number of shares of common stock for the years ended December 31:

  Outstanding   Treasury   Issued
2016          
Shares outstanding at beginning of year 14,190,192   207,317   14,397,509
Shares issued for the Courier Capital acquisition 294,705   -   294,705
Restricted stock awards issued 8,800   (8,800 ) -
Restricted stock awards forfeited (10,183 ) 10,183   -
Stock options exercised 49,761   (49,761 ) -
Stock awards 4,322   (4,322 ) -
Shares outstanding at end of year 14,537,597   154,617   14,692,214
 
2015          
Shares outstanding at beginning of year 14,118,048   279,461   14,397,509
Restricted stock awards issued 59,834   (59,834 ) -
Restricted stock awards forfeited (3,490 ) 3,490   -
Stock options exercised 18,922   (18,922 ) -
Treasury stock purchases (7,523 ) 7,523   -
Stock awards 4,401   (4,401 ) -
Shares outstanding at end of year 14,190,192   207,317   14,397,509

 

Preferred Stock

Series A 3% Preferred Stock. There were 1,492 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2016 and 2015. Holders of Series A 3% preferred stock are entitled to receive an annual dividend of $3.00 per share, which is cumulative and payable quarterly. Holders of Series A 3% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company's capital stock and have no voting rights. Dividend or dissolution payments to the Class A shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments can be declared and paid, or set apart for payment, to the holders of Class B preferred stock or common stock. The Series A 3% preferred stock is not convertible into any other of the Company's securities.

Series B-1 8.48% Preferred Stock. There were 171,906 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2016 and 2015. Holders of Series B-1 8.48% preferred stock are entitled to receive an annual dividend of $8.48 per share, which is cumulative and payable quarterly. Holders of Series B-1 8.48% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company's common stock and have no voting rights. Accumulated dividends on the Series B-1 8.48% preferred stock do not bear interest, and the Series B-1 8.48% preferred stock is not subject to redemption. Dividend or dissolution payments to the Class B shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments are declared and paid, or set apart for payment, to the holders of common stock. The Series B-1 8.48% preferred stock is not convertible into any other of the Company's securities.