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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2018
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

4.         Stock-Based Compensation



No awards were granted during the nine-month period ending September 30, 2018. As of September 30, 2018, there was $59,000 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 $177,000 and $69,000 during the nine-month periods ended September 30, 2018 and 2017, respectively.









A summary of the Company’s stock option activity for the nine-month period ended September 30, 2018 is as follows:







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

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

 (20,775)

 

 

 19.01 

 

 5.4 

Yrs.

 

 

 395 

Forfeited

 (1,500)

 

 

 32.81 

 

 9.2 

Yrs.

 

 

 49 

Outstanding at September 30, 2018

 190,450 

 

$

 20.85 

 

 5.3 

Yrs.

 

$

 3,972 



 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2018

 157,200 

 

$

 18.33 

 

 4.5 

Yrs.

 

$

 2,881 



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 $39.16 per share as of September 30, 2018 and $33.00 per share as of December 31, 2017.



A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 2018 and 2017 is as follows:







 

 

 

 

 

 

 

 

 



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, September 30,

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 September 30, 2018 is $591,000.  This cost will be recognized over the remaining vesting period of 4.25  years.  Compensation costs related to restricted stock amounted to $154,000 and $107,000 during the nine-month periods ended September 30, 2018 and 2017, respectively.