XML 32 R22.htm IDEA: XBRL DOCUMENT

Equity Compensation Plan Information	9 Months Ended
Equity Compensation Plan Information	Sep. 30, 2016
Equity Compensation Plan Information [Abstract]
Equity Compensation Plan Information	Note 15 - Equity Compensation Plan Information At the 2007 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation Omnibus Equity Compensation Plan (the “Omnibus Plan”), which authorizes the issuance of up to 185,000 shares of common stock pursuant to the grant of stock options, stock appreciation rights, stock awards, stock units, performance units, dividend equivalents, and other stock-based awards to employees or directors. On June 18, 2008, the Board of Directors of First United Corporation adopted a Long-Term Incentive Program (the “LTIP”). This program was adopted as a sub-plan of the Omnibus Plan to reward participants for increasing shareholder value, align executive interests with those of shareholders, and serve as a retention tool for key executives. Under the LTIP, participants are granted shares of restricted common stock of First United Corporation. The amount of an award is based on a specified percentage of the participant’s salary as of the date of grant. These shares will vest if the Corporation meets or exceeds certain performance thresholds. The Corporation complies with the provisions of ASC Topic 718, Compensation-Stock Compensation, in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period). Stock-based awards were made to non-employee directors in May 2016 pursuant to First United Corporation’s director compensation policy. Beginning May 2014, each director receives an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000, all or some of which may be paid, at the director’s election, in cash or additional shares of common stock. A total of 14,384 fully-vested shares of common stock were issued to directors in 2016, which had a fair market value of $10.34 per share. Director stock compensation expense was $109,823 for the nine months ended September 30, 2016 and $111,848 for the nine months ended September 30, 2015. Stock compensation expense for the three months ended September 30, 2016 was $37,183 and $35,889 for the three months ended September 30, 2015. In January 2015, a one-time stock grant was awarded to one executive officer in the amount of 4,845 shares at a fair market value of $8.63. In February 2015, a one-time stock grant was awarded to one executive officer in the amount of 5,387 shares at a fair market value of $8.76. These shares do not have any performance restrictions; however, they have a two-year vesting period. Executive stock compensation expense was $34,145 for the nine months ended September 30, 2016 and $32,094 for the nine months ended September 30, 2015. Executive stock compensation expense was $11,382 for the three months ended September 30, 2016 and $11,382 for the three months ended September 30, 2015.