Stock Compensation Plan

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(17) Stock Compensation Plan

The Company had a stock-based employee compensation plan which allowed for the issuance of stock options and restricted common stock, the purpose of which was to provide additional incentive to certain officers, directors, and key employees by facilitating their purchase of a stock interest in the Company. Compensation expense related to prior awards is recognized on a straight line basis over the vesting period, which is typically four or five years. During 2011, all awards remaining available under the Company’s 2001 Stock Incentive Plan were awarded. The stock-based compensation cost related to these awards was $16,000, $55,000, and $58,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company recognized tax benefits of $84,000, $15,000, and $30,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

A summary of option activity during 2015 is presented below:

(Dollars in thousands, except per share amounts)			Weighted		Weighted
			average		average
			exercise		remaining		Aggregate
			price		contractual		intrinsic
	Shares		per share		term		value
Outstanding at January 1, 2015		344,474	$	16.27		3.1 years	$	1,690
Effect of 5% stock dividend		16,288
Forfeited/expired		-	$	-
Exercised		(30,543)	$	16.67
Outstanding at December 31, 2015		330,219	$	15.43		2.2 years	$	3,578
Exercisable at December 31, 2015		330,219	$	15.43		2.2 years	$	3,578
Vested and expected to vest at December 31, 2015		330,219	$	15.43		2.2 years	$	3,578

A summary of nonvested option activity during 2015 is presented below:

			Weighted
			average
			exercise
			price
	Shares		per share
Nonvested options at January 1, 2015		14,748	$	13.37
Forfeited/expired		-	$	-
Vested		(14,748)	$	13.37
Effect of 5% stock dividend		-	$	-
Nonvested options at December 31, 2015		-	$	-

Additional information about stock options exercised is presented below:

(Dollars in thousands)	Years ended December 31,
	2015		2014		2013
Intrinsic value of options exercised (on exercise date)	$	273	$	186	$	126
Cash received from options exercised		510		493		1,244
Excess tax benefit realized from options exercised	$	83	$	26	$	29

As of December 31, 2015, there was no unrecognized compensation cost related to outstanding unvested options.

At the annual meeting of stockholders on May 20, 2015, our stockholders approved the 2015 Stock Incentive Plan which authorized the issuance of equity awards covering 262,500 shares of common stock. The Company has not issued any of these equity awards as of December 31, 2015.