Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

3. Stock-Based Compensation

No awards were granted during the three month period ending March 31, 2015. As of March 31, 2015, there was $50,000 of total unrecognized compensation cost related to non-vested options granted in 2014 under the 2014 Stock Option Plan, which will be fully amortized by December 31, 2015.

A summary of stock options from all plans, adjusted for stock dividends declared, is shown below.



		Weighted
		Average Exercise		Weighted Average		Aggregate
		Price		Remaining		Intrinsic Value
	Options	Per Share		Contractual Term		($000)

Outstanding at January 1, 2015	206,463	$	26.74	5.7	Yrs.	$	478
Granted	-		-	-			-
Exercised	(5,978)		25.87	5.1			-
Forfeited	-		-	-			-
Outstanding at March 31, 2015	200,485	$	26.76	5.5		$	235

Exercisable at March 31, 2015	187,985	$	26.61	5.2	Yrs.	$	235

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The stock price was $27.69 as of March 31, 2015 and $29.05 as of December 31, 2014.

A summary of the Company’s restricted stock activity and related information for the three month period ended March 31, 2015 is as follows:



			Weighted-Average
	Number of		Grant Date
	Restricted Stock		Fair Value
Outstanding, January 1, 2015	9,300	$	29.08
Granted	-		-
Vested	-		-
Forfeited	-		-
Non-vested at March 31, 2015	9,300	$	29.08

The expected future compensation expense relating to the 9,300 shares of non-vested restricted stock outstanding as of March 31, 2015 is $257,000.

- 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.

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