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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2018
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

4.         Stock-Based Compensation



No awards were granted during the three-month period ending March 31, 2018. As of March 31, 2018, there was $178,000 of total unrecognized compensation cost related to non-vested options granted in 2017 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2018. Compensation costs related to stock options amounted to $59,000 and $23,000 during the three-month periods ended March 31, 2018 and 2017, 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, 2018

 212,725 

 

$

 20.76 

 

 6.1 

Yrs.

 

$

 2,604 

Granted

 -

 

 

 -

 

 -

 

 

 

 -

Exercised

 (3,825)

 

 

 19.61 

 

 6.9 

Yrs.

 

 

 (75)

Forfeited

 (750)

 

 

 32.81 

 

 9.7 

Yrs.

 

 

 (25)

Outstanding at March 31, 2018

 208,150 

 

$

 20.74 

 

 5.8 

Yrs.

 

$

 2,040 



 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2018

 174,150 

 

$

 18.38 

 

 5.0 

Yrs.

 

$

 2,040 



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 $30.09 as of March 31, 2018 and $33.00 as of December 31, 2017.



A summary of the Company’s restricted stock activity for the three-month periods ended March 31, 2018 and 2017 is as follows, after adjusting for the 50% stock dividend declared on August 8, 2017:









 

 

 

 

 

 

 

 

 



2018

 

2017



 

 

 

Weighted-Average

 

 

 

 

Weighted-Average



Number of

 

 

Grant Date

 

Number of

 

 

Grant Date



Restricted Stock

 

 

Fair Value

 

Restricted Stock

 

 

Fair Value

Non-vested, January 1,

30,415 

 

$

 24.46 

 

 28,035 

 

$

 20.64 

Granted

 -

 

 

 -

 

 -

 

 

 -

Vested

 -

 

 

 -

 

 -

 

 

 -

Forfeited

 -

 

 

 -

 

 -

 

 

 -

Non-vested, March 31,

30,415 

 

$

 24.46 

 

 28,035 

 

$

 20.64 



The expected future compensation expense relating to the 30,415 shares of non-vested restricted stock outstanding as of March 31, 2018 is $693,000.  This cost will be recognized over the remaining vesting period of 4.75  years.  Compensation costs related to restricted stock amounted to $51,000 and $36,000 during the three-month periods ended March 31, 2018 and 2017, respectively.