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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract] |
SHARE-BASED COMPENSATION | 12. SHARE-BASED COMPENSATION ﻿ On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan includes 500,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of December 31, 2017, we were authorized to issue 135,560 shares under this plan. ﻿ Stock options ﻿ The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted in the three years ended December 31: ﻿ ﻿
﻿ |  |  |  |  |  |  |
﻿ |  | 2017 |  | 2016 |  | 2015 |
﻿Assumptions: |  |  |  |  |  |  |
﻿Exercise price per share | $ | 11.78 | $ | 11.48 | $ | 13.74 |
﻿Risk-free interest rate |  | 2.25 | % | 2.05 | % | 1.92 | %
﻿Expected dividend yield |  | 3.74 |  | 3.84% |  | 2.95% |
﻿Expected volatility of Rocky's common stock |  | 35.33 |  | 42.32% |  | 45.81% |
﻿Expected option term (years) |  | 6.5 |  | 6.5 |  | 6.5 |
﻿Weighted-average grant date fair value per share | $ | 2.94 | $ | 3.37 | $ | 4.78 |
﻿ ﻿ For the years ended 2017, 2016, and 2015 we recognized share-based compensation expense and the corresponding tax benefit as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | 2017 |  | 2016 |  | 2015
﻿Share-based compensation expense | $ | 145,810 | $ | 162,449 | $ | 237,978
﻿Tax benefit |  | 22,106 |  | 53,291 |  | 64,103
﻿ ﻿ The following summarizes stock option activity for the year ended December 31, 2017: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿$ amounts are per share |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Actual Term |  | Aggregate Intrinsic Value
﻿Options outstanding at January 1, 2017 |  | 42,250 | $ | 12.85 |  |  |  |
﻿Issued |  | 83,000 |  | 11.73 |  |  |  |
﻿Exercised |  | (1,050) |  | 13.56 |  |  |  |
﻿Forfeited or expired |  | (34,900) |  | 12.12 |  |  |  |
﻿Options outstanding at December 31, 2017 |  | 89,300 | $ | 12.09 |  | 7.5 | $ | -
﻿Expected to vest |  | 61,500 | $ | 12.04 |  | 8.6 | $ | -
﻿Exercisable at December 31, 2017 |  | 27,800 | $ | 12.20 |  | 5.0 | $ | -
﻿ ﻿ In the first quarter of 2017, officers and certain employees of the Company were granted 65,000 options. The plans generally provided for grants with the exercise price equal to fair value on the date of grant, graduated vesting periods of up to 5 years, and lives not exceeding 10 years. For the year ended December 31, 2017 cash received for the exercise of stock options was $14,236. No options were exercised in 2016. For the year ended December 31, 2015 cash received for the exercise of stock options was $8,742. ﻿ In the first quarter of 2017, Board of Director members were granted 18,000 stock options that immediately vest and will expire in 10 years. ﻿ Restricted stock units and performance share units ﻿ The following table summarizes the status of the Company’s restricted stock units and performance share units and activity as of December 31, 2017: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  | Restricted Stock Units |  | Performance Share Units
﻿ |  | Quantity |  | Weighted-Average Grant Date Fair Value Per Share |  | Quantity |  | Weighted-Average Grant Date Fair Value Per Share
﻿Nonvested at January 1, 2017 |  | 31,499 | $ | 12.50 |  | 37,000 | $ | 12.04
﻿Granted |  | - |  | - |  | - |  | -
﻿Vested |  | (10,876) |  | 12.71 |  | - |  | -
﻿Forfeited |  | (8,686) |  | 12.29 |  | (13,000) |  | 6.19
﻿Nonvested at December 31, 2017 |  | 11,937 | $ | 12.47 |  | 24,000 | $ | 11.30
﻿ ﻿ As of December 31, 2017, the total unrecognized compensation cost related to non-vested stock options and restricted stock units was $153,704 with a weighted-average expense recognition period of 4.0 years. ﻿ During the years ended December 31, 2017 and 2016, we issued 16,806 and 14,568 shares of common stock to members of our Board of Directors, respectively. We recorded compensation expense of approximately $210,000 and $168,000, respectively, which was the fair market value of the shares on the grant dates. ﻿

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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