XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.19.1

STOCK COMPENSATION PLANS | 3 Months Ended
--- | ---
Mar. 31, 2019
STOCK COMPENSATION PLANS [Abstract] |
STOCK COMPENSATION PLANS | NOTE 5 – STOCK COMPENSATION PLANS On December 9, 2015, the Company's stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, which replaced the 2005 Equity Compensation Plan, or the 2005 Plan, that expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, the type, size and terms of the grants, the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan), and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries and non-employee directors of the Company are eligible for grants under the 2015 Plan. Table of Contents Compensation expense of $47,000, related to the May 2018 issue of restricted stock awards, was recorded for the three months ended March 31, 2019. Compensation expense of $47,000 was also recorded for the three months ended March 2018 for restricted stock awards issued in May 2017. Costs were determined based on the fair value on the dates of the awards and those costs were charged to income over the service periods associated with the awards. There was no stock compensation cost capitalized as part of an asset. On May 2, 2018, 5,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $38.51, the closing price of the Class A Stock as recorded on the NASDAQ Global Select Market on May 2, 2018. Prior to their release date, these restricted stock awards may be subject to forfeiture in the event of the recipient’s termination of service. On May 3, 2017, 5,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $38.10, the closing price of the Class A Stock as recorded on the NASDAQ Global Select Market on May 3, 2017. The restricted shares vested one year from the date of grant. The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the three months ended March 31, 2019:
|  | Options |  |  | Restricted Awards |
|  | Option Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (Yrs.) |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Outstanding Restricted Stock Awards |  |  | Weighted Average Grant Date Fair Value |
Plan options/restricted stock awards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at January 1, 2019 |  |  | 168,750 |  |  | $ | 20.11 |  |  |  |  |  | $ | 2,491 |  |  |  | 5,000 |  |  |  | 38.51 |
Granted |  |  | – |  |  |  | – |  |  |  |  |  |  | – |  |  |  | – |  |  | $ | – |
Exercised/vested and released |  |  | (13,500 | ) |  |  | 16.94 |  |  |  |  |  |  | 297 |  |  |  | – |  |  |  | – |
Expired/cancelled |  |  | – |  |  |  | – |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at March 31, 2019 |  |  | 155,250 |  |  | $ | 20.38 |  |  |  | 3.29 |  |  | $ | 2,622 |  |  |  | 5,000 |  |  | $ | 38.51 |
Exercisable/vested at March 31, 2019 |  |  | 155,250 |  |  | $ | 20.38 |  |  |  | 3.29 |  |  | $ | 2,622 |  |  |  | – |  |  |  | – |
The total intrinsic value of options exercised during the three months ended March 31, 2019 was approximately $297,000. There were no unvested option shares outstanding under the 2015 Plan during the three months ended March 31, 2019. As of March 31, 2019, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan. As of March 31, 2019, there was $16,400 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.09 years, the remaining vesting period for the restricted stock awards.

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration