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Earnings Per Share and Restricted Stock Plan
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share and Restricted Stock Plan
Earnings Per Share and Restricted Stock Plan
 
The Corporation has a simple capital structure. Basic earnings per share of common stock is computed based on 7,025,593 and 6,064,656 weighted average shares of common stock outstanding for the three months ended March 31, 2018 and 2017, respectively. All outstanding unvested restricted stock awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation.

The Corporation has a restricted stock plan available to selected officers and employees of the Bank to advance the best interest of the Corporation and its shareholders. The plan provides those persons who have responsibility for its growth with additional incentive by allowing them to acquire ownership in the Corporation and, thereby, encouraging them to contribute to the success of the Corporation. Plan expense is recognized over the vesting period of the stock issued under the plan. As of March 31, 2018, 26,045 shares were issued under this plan, of which 13,235 were fully vested, 6,249 vested during the quarter, and the remaining 6,560 will vest over the next two years. $186,000 and $59,000 of compensation expenses related to the grants were recognized during the three months ended March 31, 2018 and 2017, respectively.