Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

At the 2010 Annual Meeting, shareholders approved the 2010 Equity Incentive Plan (the "2010 Plan"). This reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees and non-employee Directors and promote the success of our business. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2010 Plan will qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2010 Plan will qualify as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and will satisfy NASDAQ guidelines relating to equity compensation.

As of September 30, 2019, 162,892 shares of restricted stock had been granted under the 2010 Plan, of which 75,254 shares remain restricted as of September 30, 2019 as detailed in the following table:



Year Granted	Vesting Term (In Years)	Shares	Remaining Term (In Years)
2015	5.0	12,023	0.3
2016	5.0	15,015	1.3
2017	3.0	4,602	0.4
2017	5.0	9,972	2.3
2018	2.0	932	0.3
2018	3.0	1,900	1.4
2018	4.0	2,068	2.3
2018	5.0	9,655	3.3
2019	1.0	1,349	0.3
2019	2.0	1,484	1.3
2019	3.0	16,254	2.3
		75,254	1.6

The compensation cost related to these restricted stock grants is $1,785,000 and is recognized over the vesting terms of each grant. In the nine months ended September 30, 2019, $368,000 of expense was recognized for these restricted shares, leaving $797,000 in unrecognized expense as of September 30, 2019. In the nine months ended September 30, 2018, $285,000 of expense was recognized for restricted shares, leaving $774,000 in unrecognized expense as of September 30, 2018.