XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2016
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

3.         Stock-Based Compensation



No awards were granted during the nine-month period ending September 30, 2016. As of September 30, 2016, there was $18,000 of total unrecognized compensation cost related to non-vested options granted in 2015 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2016. Compensation costs related to stock options amounted to $53,000 and $49,000 during the nine-month periods ended September 30, 2016 and 2015, respectively.



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, 2016

 194,521 

 

$

 26.91 

 

 5.2 

Yrs.

 

$

 363 

Granted

 -

 

 

 -

 

 -

 

 

 

 -

Exercised

 (6,052)

 

 

 26.37 

 

 4.1 

 

 

 

 -

Forfeited

 (16,019)

 

 

 27.71 

 

 0.5 

 

 

 

 -

Outstanding at September 30, 2016

 172,450 

 

$

 26.85 

 

 4.9 

Yrs.

 

$

 383 



 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2016

 157,950 

 

$

 26.70 

 

 4.5 

Yrs.

 

$

 375 



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 $29.07 as of September 30, 2016 and $28.75 as of December 31, 2015.



A summary of the Company’s restricted stock activity and related information for the nine-month period ended September 30, 2016 is as follows:







 

 

 

 



 



 

 

 

Weighted-Average



Number of

 

 

Grant Date



Restricted Stock

 

 

Fair Value

Outstanding, January 1,

13,810 

 

$

 28.82 

Granted

 -

 

 

 -

Vested

 -

 

 

 -

Forfeited

 -

 

 

 -

Non-vested at September 30,

13,810 

 

$

 28.82 





The expected future compensation expense relating to the 13,810 shares of non-vested restricted stock outstanding as of September 30, 2016 is $331,000.  This cost will be recognized over the remaining vesting period of 4.25 years.  Compensation costs related to restricted stock amounted to $67,000 and $41,000 during the nine-month periods ended September 30, 2016 and 2015, respectively.