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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2017
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

3.         Stock-Based Compensation



No awards were granted during the nine-month period ending September 30, 2017. As of September 30, 2017, there was $23,000 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 $69,000 and $53,000 during the nine-month periods ended September 30, 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

 225,669 

 

$

 19.46 

 

 5.6 

Yrs.

 

$

 932 

Granted

 -

 

 

 -

 

 -

 

 

 

 -

Exercised

 (28,950)

 

 

 26.46 

 

 3.1 

Yrs.

 

 

 -

Forfeited

 (1,000)

 

 

 28.55 

 

 8.2 

Yrs.

 

 

 -

Outstanding at September 30, 2017

 195,719 

 

$

 18.38 

 

 5.2 

Yrs.

 

$

 2,377 



 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2017

 171,719 

 

$

 17.82 

 

 4.7 

Yrs.

 

$

 2,181 



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 $30.52 as of September 30, 2017 and $22.09 as of December 31, 2016, after adjusting for the 50% stock dividend declared on August 8, 2017.



A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 2017 and 2016 is as follows, after adjusting for the 50% stock dividend declared on August 8, 2017:









 

 

 

 

 

 

 

 

 



2017

 

2016



 

 

 

Weighted-Average

 

 

 

 

Weighted-Average



Number of

 

 

Grant Date

 

Number of

 

 

Grant Date



Restricted Stock

 

 

Fair Value

 

Restricted Stock

 

 

Fair Value

Non-vested, January 1,

28,035 

 

$

 20.64 

 

 28,035 

 

$

 19.21 

Granted

 -

 

 

 -

 

 -

 

 

 -

Vested

 -

 

 

 -

 

 -

 

 

 -

Forfeited

 -

 

 

 -

 

 -

 

 

 -

Non-vested, September 30,

28,035 

 

$

 20.64 

 

 28,035 

 

$

 19.21 



The expected future compensation expense relating to the 28,035 shares of non-vested restricted stock outstanding as of September 30, 2017 is $471,000.  This cost will be recognized over the remaining vesting period of 4.25  years.  Compensation costs related to restricted stock amounted to $107,000 and $67,000 during the nine-month periods ended September 30, 2017 and 2016, respectively.