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STOCK COMPENSATION | 6 Months Ended
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Jun. 30, 2015
STOCK COMPENSATION [Abstract] |
STOCK COMPENSATION | NOTE 12 STOCK COMPENSATION Board of Director’s Stock Compensation Members of the Board of Directors receive common shares of the Corporation equal in value to the amount of fees individually earned during the previous year for service as a director. The common shares are distributed to the Corporation's individual board members from treasury shares of the Corporation on or about January 15 following the calendar year of service. Additionally, the President and Chief Executive Officer of the Corporation, who does not receive cash compensation as a member of the Board of Directors, is awarded common shares equal in value to the average of those awarded to board members not employed by the Corporation who have served for 12 months during the prior year. During January 2015 and 2014, 9,673 and 8,385 shares, respectively, were re-issued from treasury to fund the stock component of directors' compensation. An expense of $67 thousand and $68 thousand related to this compensation was recognized during the three month periods ended June 30, 2015 and 2014, respectively. An expense of $136 thousand and $124 thousand related to this compensation was recognized during the six month periods ended June 30, 2015 and 2014, respectively. This expense is accrued as shares are earned. Restricted Stock Plan Pursuant to the Corporation’s Restricted Stock Plan, the Corporation may make discretionary grants of restricted stock to officers other than the Corporation's Chief Executive Officer. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date. A summary of restricted stock activity for the three month period ended June 30, 2015 is presented below:
|  | Shares |  |  | Weighted–Average Grant Date Fair Value |
Nonvested at April 1, 2015 |  |  | 26,015 |  |  | $ | 27.94 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | - |  |  | $ | - |
Forfeited or cancelled |  |  | - |  |  | $ | - |
Nonvested at June 30, 2015 |  |  | 26,015 |  |  | $ | 27.94 |
A summary of restricted stock activity for the six month period ended June 30, 2015 is presented below:
|  | Shares |  |  | Weighted–Average Grant Date Fair Value |
Nonvested at January 1, 2015 |  |  | 26,428 |  |  | $ | 27.92 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (413 | ) |  | $ | 26.61 |
Forfeited or cancelled |  |  | - |  |  | $ | - |
Nonvested at June 30, 2015 |  |  | 26,015 |  |  | $ | 27.94 |
As of June 30, 2015, there was $614 thousand of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.54 years. The total fair value of shares vested during the six month period ended June 30, 2015 was $11 thousand.

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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