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Equity Incentive Plan
 12 Months Ended
Dec. 31, 2013
Equity Incentive Plans [Abstract]  
Equity Incentive Plan

(11)Equity Incentive Plan

 

The Company maintains the Northfield Bancorp, Inc. 2008 Equity Incentive Plan to grant common stock or options to purchase common stock at specific prices to directors and employees of the Company.  The Plan provides for the issuance or delivery of up to 4,311,796 shares of Northfield Bancorp, Inc. common stock subject to certain Plan limitations.   211,530 shares of stock remain available for issuance under the Plan as of December 31, 2013.    All stock options and restricted stock granted to date vests in equal installments over a five year period beginning one year from the date of grant.   The vesting of options and restricted stock awards may accelerate in accordance with terms of the plan.  Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on quoted market prices and all have an expiration period of ten years.  The fair value of stock options granted on January 30, 2009, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years utilizing the simplified method, risk-free rate of return of 2.17%, volatility of 35.33% and a dividend yield of 1.61%.   The fair value of stock options granted on May 29, 2009, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years utilizing the simplified method, risk-free rate of return of 2.88%, volatility of 38.39% and a dividend yield of 1.50%.  The fair value of stock options granted on January 30, 2010, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years utilizing the simplified method, risk-free rate of return of 2.90%, volatility of 38.29% and a dividend yield of 1.81%.  The fair value of stock options granted on July 26, 2013, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years utilizing the simplified method, risk-free rate of return of 1.39%, volatility of 35.33% and a dividend yield of 1.98%.  The Company is expensing the grant date fair value of all employee and director share-based compensation over the requisite service periods on a straight-line basis.

 

During the years ended December 31, 2013, 2012, and 2011, the Company recorded,  $3.2 million,  $3.0 million and $3.0 million of stock-based compensation.

 

 

The following table is a summary of the Company’s non-vested stock options as of December 31, 2013, and changes therein during the year then ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Grant Date Fair Value

 

Weighted Average Exercise Price

 

Weighted Average Contractual Life (years)

Outstanding- December 31, 2011

 
2,885,288 

 

$           2.30

 

$        7.09

 
7.02 

Forfeited

 
(19,500)

 
2.30 

 
7.09 

 

 -

Exercised

 
(59,876)

 
2.30 

 
7.09 

 

 -

Outstanding- December 31, 2012

 
2,805,912 

 
2.30 

 
7.09 

 
6.07 

Granted

 
20,900 

 
3.06 

 
11.97 

 
9.58 

Exercised

 
(26,507)

 
2.30 

 
7.09 

 

 -

Outstanding- December 31, 2013

 
2,800,305 

 

$           2.30

 

$        7.13

 
5.16 

 

 

 

 

 

 

 

 

 

Exercisable- December 31, 2013

 
2,285,445 

 

$           2.30

 

$        7.09

 
5.16 

 

Expected future stock option expense related to the non-vested options outstanding as of December 31, 2013, is $170,000 over an average period of 1.7 years.

 

The following is a summary of the status of the Company’s restricted shares as of December 31, 2013, and changes therein during the year then ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares Awarded

 

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2011

 
685,780 

 

$          7.11

Vested

 
(228,182)

 
7.10 

Forfeited

 
(2,694)

 
7.09 

Non-vested at December 31, 2012

 
454,904 

 
7.11 

Granted

 
13,300 

 
11.97 

Vested

 
(225,595)

 
7.10 

Forfeited

 
(2,526)

 
7.09 

Non-vested at December 31, 2013

 
240,083 

 

$          7.29

 

Expected future stock award expense related to the non-vested restricted awards as of December 31, 2013, is $294,000 over an average period of 2.4 years.

 

Upon the exercise of stock options, management expects to utilize treasury stock as the source of issuance for these shares.