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Note 3 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]
NOTE
3
- STOCK-BASED COMPENSATION
 
The Company had
no
nonvested stock options outstanding as of
September 30, 2019
and
2018.
 
Stock option activity during the
nine
months ended
September 30, 2019
is as follows:
 
           
Weighted-
  
           
average
  
           
Exercise Price
  
   
Shares
    
Per Share
  
                 
Outstanding, January 1, 2019
    
7,450
     $
17.55
  
Exercised
    
(200
 )    
17.55
  
                 
Outstanding, September 30, 2019
    
7,250
     $
17.55
  
                 
Exercisable, September 30, 2019
    
7,250
     $
17.55
  
 
The following table presents the activity during the
nine
months ended
September 30, 2019
related to awards of restricted stock:
 
           
Weighted-
  
           
average
  
           
Grant Date Fair
  
   
Units
    
Value Per Unit
  
                 
Nonvested at January 1, 2019
    
21,175
     $
41.95
  
Granted
    
14,565
      
41.90
  
Vested
    
(4,970
 )    
32.40
  
Nonvested at September 30, 2019
    
30,770
     $
43.48
  
                 
Expected to vest as of September 30, 2019
    
6,253
     $
39.58
  
 
The Company recognizes restricted stock forfeitures in the period they occur.
 
Share-based compensation expense of
$180,000
and
$90,000
was recognized for the
three
-month periods ended
September 30, 2019
and
2018,
respectively. Share-based compensation expense of
$270,000
and
$226,000
was recognized for the
nine
-month periods ended
September 30, 2019
and
2018,
respectively. Since the shares of restricted stock are historically paid out at the vesting date in a combination of shares and cash, the Company has recorded a liability related to this plan which totals
$416,000
and
$351,000
at
September 30, 2019
and
2018,
respectively. When the shares vest, the amount distributed in shares is transferred to common stock and the remainder is distributed in cash.
 
Total unrecognized stock compensation cost related to nonvested share-based compensation on restricted stock as of
September 30, 2019
totals
$354,000,
of which
$63,000
is estimated for the rest of
2019,
$139,000
for
2020,
$131,000
for
2021,
and
$21,000
for
2022.