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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Based Compensation | Stock Based Compensation LCNB established an Ownership Incentive Plan (the "2002 Plan") during 2002 that allowed for stock-based awards to eligible employees, as determined by the Board of Directors. The awards were made in the form of stock options, share awards, and/or appreciation rights. The 2002 Plan provided for the issuance of up to 200,000 shares of common stock. The 2002 Plan expired on April 16, 2012. Any outstanding unexercised options, however, continue to be exercisable in accordance with their terms. The 2015 Ownership Incentive Plan (the "2015 Plan") was ratified by LCNB's shareholders at the annual meeting on April 28, 2015 and allows for stock-based awards to eligible employees, as determined by the Compensation Committee of the Board of Directors. Awards may be made in the form of stock options, appreciation rights, restricted shares, and/or restricted share units. The 2015 Plan provides for the issuance of up to 450,000 shares of common stock. The 2015 Plan will terminate on April 28, 2025 and is subject to earlier termination by the Compensation Committee. Stock-based awards may be in the form of treasury shares or newly issued shares. LCNB has not granted stock option awards since 2012. Options granted to date under the 2002 Plan vest ratably over a five-year period and expire ten years after the date of grant. Stock options outstanding at March 31, 2017 were as follows:
|  | Outstanding Stock Options |  | Exercisable Stock Options
Exercise Price Range |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
$9.00 - $10.99 |  | 4,356 |  |  | $ | 9.00 |  |  | 1.8 |  | 4,356 |  |  | $ | 9.00 |  |  | 1.8
$11.00 - $12.99 |  | 15,909 |  |  | 12.08 |  |  | 3.4 |  | 15,909 |  |  | 12.08 |  |  | 3.4
|  | 20,265 |  |  | 11.42 |  |  | 3.1 |  | 20,265 |  |  | 11.42 |  |  | 3.1
The following table summarizes stock option activity for the periods indicated:
| 2017 |  | 2016
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, January 1, | 24,669 |  |  | $ | 12.17 |  |  | 83,861 |  |  | $ | 12.39 |
Exercised | (3,398 | ) |  | 14.97 |  |  | — |  |  | — |
Expired | (1,006 | ) |  | 17.88 |  |  | (6,400 | ) |  | 18.95 |
Outstanding, March 31, | 20,265 |  |  | 11.42 |  |  | 77,461 |  |  | 11.85 |
Exercisable, March 31, | 20,265 |  |  | 11.42 |  |  | 74,962 |  |  | 11.82 |
The following table provides information related to stock options exercised during the periods indicated (in thousands):
| 2017 |  | 2016
Intrinsic value of options exercised | $ | 25 |  |  | $ | — |
Cash received from options exercised | 51 |  |  | — |
Tax benefit realized from options exercised | 5 |  |  | — |
The aggregate intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) for options outstanding at March 31, 2017 that were "in the money" (market price greater than exercise price) was $252,000. The aggregate intrinsic value at that date for only the options that were exercisable was $252,000. The aggregate intrinsic value for options outstanding at March 31, 2016 that were in the money was $339,000 and the aggregate intrinsic value at that date for only the options that were exercisable was $330,000. The intrinsic value changes based upon fluctuations in the market value of LCNB's common stock. Total expense related to options included in salaries and employee benefits for the three months ended March 31, 2017 and 2016 was $1,000 and $1,000, respectively. The related tax benefit for the three months ended March 31, 2017 and 2016 was $0 and $0, respectively. Compensation cost related to option awards was recognized in full during the first quarter 2017. Restricted stock awards granted under the 2015 Plan were as follows:
| 2017 |  | 2016
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding, January 1, | 8,624 |  |  | $ | 15.47 |  |  | 16,038 |  |  | $ | 15.47 |
Granted | 4,027 |  |  | 22.60 |  |  | — |  |  | — |
Outstanding, March 31, | 12,651 |  |  | $ | 17.74 |  |  | 16,038 |  |  | $ | 15.47 |
Total expense related to restricted stock awards included in salaries and wages in the consolidated condensed statements of income for the three months ended March 31, 2017 and 2016 was $56,000 and $22,000, respectively. The related tax benefit for the three months ended March 31, 2017 and 2016 was $19,000 and $8,000, respectively. Unrecognized compensation expense for restricted stock awards was $102,000 at March 31, 2017 and is expected to be recognized over a period of 4.83 years.

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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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