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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2017
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

3.         Stock-Based Compensation



No awards were granted during the three-month period ending March 31, 2017. As of March 31, 2017, there was $69,000 of total unrecognized compensation cost related to non-vested options granted in 2016 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2017. Compensation costs related to stock options amounted to $23,000 and $18,000 during the three-month periods ended March 31, 2017 and 2016, 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, 2017

 160,429 

 

$

 27.37 

 

 5.6 

Yrs.

 

$

 932 

Granted

 -

 

 

 -

 

 -

 

 

 

 -

Exercised

 (14,200)

 

 

 26.85 

 

 4.5 

Yrs.

 

 

 -

Forfeited

 (1,000)

 

 

 28.55 

 

 8.8 

Yrs.

 

 

 -

Outstanding at March 31, 2017

 145,229 

 

$

 27.42 

 

 5.4 

Yrs.

 

$

 1,969 



 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2017

 129,229 

 

$

 26.66 

 

 4.9 

Yrs.

 

$

 1,969 



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 $41.89 as of March 31, 2017 and $33.14 as of December 31, 2016.



A summary of the Company’s restricted stock activity for the three-month period ended March 31, 2017 is as follows:







 

 

 

 



2017



 

 

 

Weighted-Average



Number of

 

 

Grant Date



Restricted Stock

 

 

Fair Value

Non-vested, January 1,

18,690 

 

$

 30.96 

Granted

 -

 

 

 -

Vested

 -

 

 

 -

Forfeited

 -

 

 

 -

Non-vested, March 31,

18,690 

 

$

 30.96 





The expected future compensation expense relating to the 18,690 shares of non-vested restricted stock outstanding as of March 31, 2017 is $543,000.  This cost will be recognized over the remaining vesting period of 4.75  years.  Compensation costs related to restricted stock amounted to $36,000 and $22,000 during the three-month periods ended March 31, 2017 and 2016, respectively.