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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2018
Stock Based Compensation [Abstract] |
Stock Based Compensation | Note 15. Stock Based Compensation ﻿ In 2004, the Corporation adopted the Employee Stock Purchase Plan of 2004 (ESPP). Under the ESPP of 2004, options for 250,000 shares of stock can be issued to eligible employees. The number of shares that can be purchased by each participant is defined by the plan and the Board of Directors sets the option price. However, the option price cannot be less than 90% of the fair market value of a share of the Corporation’s common stock on the date the option is granted. The Board of Directors also determines the expiration date of the options; however, no option may have a term that exceeds one year from the grant date. ESPP options are exercisable immediately upon grant. Any shares related to unexercised options are available for future grant The Board of Directors may amend, suspend or terminate the ESPP at any time. The grant price of the 2018 ESPP options was set at 95% of the stock’s fair value at the time of the award. ﻿ In 2002, the Corporation adopted the Incentive Stock Option Plan of 2002 (ISOP). The plan had a 10 year life with regard to awarding options and expired in 2012. However, awards granted prior to expiration of the plan will continue to be exercisable in accordance with the plan or, if forfeited, rolled into the 2013 plan. In 2013, the Corporation approved the Incentive Stock Option Plan of 2013. Under the 2013 ISOP, options for 354,877 shares of stock were authorized to be issued to selected Officers, as defined in the plan. The number of options available to be awarded to each eligible Officer is determined by the Board of Directors, but is limited with respect to the aggregate fair value of the options as defined in the plan. The exercise price of the option may be no less than 100% of the fair value of a share of the Corporation’s common stock on the date the option is granted. The options have a life of 10 years and may be exercised only after the optionee has completed 6 months of continuous employment with the Corporation or its Subsidiary immediately following the grant date, or upon a change of control as defined in the plan. The ESPP and ISOP options outstanding at December 31, 2018 are all exercisable. The ESPP options expire on June 30, 2019 and the ISOP options expire 10 years from the grant date. The following table summarizes the stock option activity: ﻿ ﻿
﻿ |  |  |  |  |  |  |
﻿(Dollars in thousands except share and per share data) |  |  |  |  |  |  |
﻿ | ESPP |  | Weighted Average |  | Aggregate
﻿ | Options |  | Price Per Share |  | Intrinsic Value
﻿Balance Outstanding at December 31, 2015 | 22,286 |  | $ | 23.42 |  | $ | 2
﻿Granted | 24,434 |  |  | 22.46 |  |  |
﻿Exercised | (907) |  |  | 22.66 |  |  |
﻿Expired | (23,055) |  |  | 23.38 |  |  |
﻿Balance Outstanding at December 31, 2016 | 22,758 |  | $ | 22.46 |  | $ | 140
﻿Granted | 19,086 |  |  | 29.95 |  |  |
﻿Exercised | (6,827) |  |  | 23.00 |  |  |
﻿Expired | (17,180) |  |  | 22.79 |  |  |
﻿Balance Outstanding at December 31, 2017 | 17,837 |  | $ | 29.95 |  | $ | 132
﻿Granted | 19,790 |  |  | 32.73 |  |  |
﻿Exercised | (3,257) |  |  | 30.54 |  |  |
﻿Expired | (15,992) |  |  | 30.07 |  |  |
﻿Balance Outstanding at December 31, 2018 | 18,378 |  | $ | 32.73 |  | $ | —
﻿ |  |  |  |  |  |  |
﻿Shares available for future grants at December 31, 2018 | 196,284 |  |  |  |  |  |
﻿ ﻿
﻿ |  |  |  |  |  |  |
﻿ | ISOP |  | Weighted Average |  | Aggregate
﻿ | Options |  | Price Per Share |  | Intrinsic Value
﻿Balance Outstanding at December 31, 2015 | 53,075 |  | $ | 22.56 |  | $ | 50
﻿Granted | 24,450 |  |  | 21.27 |  |  |
﻿Exercised | (3,800) |  |  | 16.00 |  |  |
﻿Forfeited | (15,000) |  |  | 24.14 |  |  |
﻿Balance Outstanding at December 31, 2016 | 58,725 |  | $ | 22.03 |  | $ | 386
﻿Granted | 33,450 |  |  | 30.00 |  |  |
﻿Exercised | (750) |  |  | 23.77 |  |  |
﻿Forfeited | (6,200) |  |  | 27.37 |  |  |
﻿Balance Outstanding at December 31, 2017 | 85,225 |  | $ | 24.75 |  | $ | 1,075
﻿Granted | 34,054 |  |  | 34.10 |  |  |
﻿Exercised | (12,268) |  |  | 21.55 |  |  |
﻿Forfeited | (3,000) |  |  | 23.77 |  |  |
﻿Balance Outstanding at December 31, 2018 | 104,011 |  | $ | 28.22 |  | $ | 341
﻿ |  |  |  |  |  |  |
﻿Shares available for future grants at December 31, 2018 | 259,123 |  |  |  |  |  |
﻿ The following table provides information about the options outstanding at December 31, 2018: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  | Options |  |  |  |  |  |  |  | Weighted
﻿ |  | Outstanding |  |  | Exercise Price or |  | Weighted Average |  | Average Remaining
﻿Stock Option Plan |  | and Exercisable |  |  | Price Range |  | Exercise Price |  | Life (years)
﻿Employee Stock Purchase Plan |  | 18,378 |  | $ | 32.73 |  | $ | 32.73 |  | 0.5
﻿ |  |  |  |  |  |  |  |  |  |
﻿Incentive Stock Option Plan |  | 3,107 |  |  | 16.11 |  |  | 16.11 |  | 0.2
﻿Incentive Stock Option Plan |  | 33,400 |  |  | 21.27 - 22.05 |  |  | 21.56 |  | 6.8
﻿Incentive Stock Option Plan |  | 67,504 |  |  | 30.00 - 34.10 |  |  | 32.07 |  | 8.7
﻿ISOP Total/Average |  | 104,011 |  |  |  |  | $ | 28.22 |  | 7.8
﻿ The fair value of the ISOP options granted has been estimated using the Black-Scholes method and the following assumptions for the years shown: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | 2018 |  | 2017 |  | 2016
﻿Incentive Stock Option Plan |  |  |  |  |  |  |  |  |
﻿Options granted |  |  | 34,054 |  |  | 33,450 |  |  | 24,450
﻿Risk-free interest rate |  |  | 2.66% |  |  | 1.87% |  |  | 1.22%
﻿Expected volatility of the Corporation's stock |  |  | 19.51% |  |  | 23.12% |  |  | 25.76%
﻿Expected dividend yield |  |  | 2.49% |  |  | 2.94% |  |  | 3.23%
﻿Expected life (in years) |  |  | 5.25 |  |  | 5.25 |  |  | 5.25
﻿Weighted average fair value of options granted |  | $ | 5.42 |  | $ | 4.81 |  | $ | 3.58
﻿ |  |  |  |  |  |  |  |  |
﻿(Dollars in thousands) |  |  |  |  |  |  |  |  |
﻿Compensation expense included in net income |  |  |  |  |  |  |  |  |
﻿ESPP |  | $ | — |  | $ | — |  | $ | —
﻿ISOP |  |  | 185 |  |  | 161 |  |  | 88
﻿Total compensation expense included in net income |  | $ | 185 |  | $ | 161 |  | $ | 88
The Corporation uses the “simplified” method for estimating the expected term of the ISO award. The risk-free interest rate is the U.S. Treasury rate commensurate with the expected average life of the option at the date of grant. The volatility of the Corporation’s stock is based on historical volatility for a period equal to the term of the award and the dividend yield is the yield at the date of the award. There is no unrecognized compensation expense on any options outstanding at December 31, 2018. ﻿

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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