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Note 10 - Stock-based Compensation Plans
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
10.
STOCK-BASED COMPENSATION PLANS
 
The Corporation has a Stock Incentive Plan for a selected group of officers and an Independent Directors Stock Incentive Plan. In the
first
quarter
2020,
the Corporation awarded
48,284
shares of restricted stock under the Stock Incentive Plan and
7,580
shares of restricted stock under the Independent Directors Stock Incentive Plan. The
2020
restricted stock awards under the Stock Incentive Plan vest ratably over
three
years, and include
30,381
time-based awards with a total fair value of
$801,000
at the date of grant and
17,903
performance-based awards with a total fair value of
$343,000
at date of grant. The
2020
restricted stock issued under the Independent Directors Stock Incentive Plan are time-based awards, vesting over
one
year, with a total fair value of
$200,000
at the date of grant.
 
Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total annual stock-based compensation for the year ending
December 31, 2020
is estimated to total
$893,000.
Total stock-based compensation expense attributable to restricted stock awards amounted to
$194,000
in the
first
quarter
2020
and
$229,000
in the
first
quarter
2019.