XML 49 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2015
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

3.         Stock-Based Compensation

 

No awards were granted during the nine-month period ending September 30, 2015.  As of September 30, 2015, there was $16,000 of total unrecognized cost related to non-vested stock options granted in 2014 under the 2006 Stock Option Plan, which will be fully amortized by December 31, 2015.  Total compensation cost related to stock options during the nine-month period ending September 30, 2015 was $49,000.

 

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
(11,931)

 

 
26.00 

 
4.4 

 

 

 

 -

Forfeited
(9,583)

 

 
27.02 

 
4.3 

 

 

 

 -

Outstanding at September 30, 2015
184,949 

 

$
26.77 

 
5.0 

Yrs.

 

$
413 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2015
172,949 

 

$
26.61 

 
4.7 

Yrs.

 

$
413 

 

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 $29.00 as of September 30, 2015 and $29.05 as of December 31, 2014

 

A summary of the Company’s restricted stock activity and related information for the nine-month period ended September 30, 2015, is as follows:

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

Number of

 

 

Grant Date

 

Restricted Stock

 

 

Fair Value

Outstanding, January 1, 2015
9,300 

 

$
29.08 

Granted

 -

 

 

 -

Vested
(70)

 

 
29.08 

Forfeited
(280)

 

 
29.08 

Non-vested at September 30, 2015
8,950 

 

$
29.08 

 

 

The expected future compensation expense relating to the 8,950 shares of non-vested restricted stock outstanding as of September 30, 2015 is $222,000 to be recognized over the next 4.25 years.  Total compensation cost related to restricted stock during the nine-month period ending September 30, 2015 was $41,000.