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Stock Compensation Plan | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Compensation Plan | (17) Stock Compensation Plan The Company has a stock-based employee compensation plan which allows for the issuance of stock options and restricted common stock, the purpose of which is 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. The stock-based compensation cost related to these awards was $223,000, $172,000 and $59,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The Company recognized tax benefits of $194,000, $180,000, and $330,000 for the years ended December 31, 2018, 2017 and 2016, respectively. For stock options, the exercise price may not be less than 100% of the fair market value of the shares on the date of the grant, and no option shall be exercisable after the expiration of ten years from the grant date. In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of options on date of grant. The Black-Scholes model is a closed-end model that uses the assumptions outlined below. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical exercise behavior and other qualitative factors to estimate the expected term of the options, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for the expected term is based on U.S. Treasury rates in effect at the time of grant. 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 303,877 shares of common stock as adjusted for subsequent stock dividends. On August 1, 2016, the Company’s Compensation Committee awarded 14,355, as adjusted for subsequent stock dividends, shares of restricted common stock. These awards vest ratably over one or four years. The value of the 14,355, as adjusted for subsequent stock dividends, shares was based on a stock price of $22.24 per share on the date such shares were granted as adjusted for subsequent stock dividends. On August 1, 2017, the Compensation Committee awarded 3,016, as adjusted for subsequent stock dividends, shares of restricted common stock and options to acquire 35,757, as adjusted for subsequent stock dividends, shares of common stock. The restricted stock awards vest ratably over one year and the value was based on a stock price of $26.53 per share on the date such shares were granted as adjusted for subsequent stock dividends. The options vest ratably over four years. On August 1, 2018, the Compensation Committee awarded 11,319, as adjusted for subsequent stock dividends, shares of restricted common stock. The value of the 11,319, as adjusted for subsequent stock dividends, shares was based on a stock price of $27.63 on the date such shares were granted as adjusted for subsequent stock dividends. The fair value of the options granted were determined using the following weighted-average assumptions as of the grant date:
|  | Years ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Risk-free interest rate |  |  | n/a |  |  |  | 2.07 | % |  |  | n/a |
Expected term |  |  | n/a |  |  |  | 7 years |  |  |  | n/a |
Expected stock price volatility |  |  | n/a |  |  |  | 33.30 | % |  |  | n/a |
Dividend yield |  |  | n/a |  |  |  | 2.74 | % |  |  | n/a |
A summary of option activity during 2018 is presented below:
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | average |  |  | average |  |  |  |
|  |  |  |  | exercise |  |  | remaining |  |  | Aggregate |
(Dollars in thousands, except per share amounts) |  | Shares |  |  | price per share |  |  | contractual term |  |  | intrinsic value |
Outstanding at January 1, 2018 |  |  | 173,448 |  |  | $ | 16.09 |  |  |  | 2.8 years |  |  | $ | 2,237 |
Granted |  |  | - |  |  | $ | - |  |  |  |  |  |  |  |  |
Effect of 5% stock dividend |  |  | 3,431 |  |  | $ |  |  |  |  |  |  |  |  |  |
Forfeited/expired |  |  | (36,043 | ) |  | $ | 15.42 |  |  |  |  |  |  |  |  |
Exercised |  |  | (72,130 | ) |  | $ | 7.40 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 68,706 |  |  | $ | 17.97 |  |  |  | 5.1 years |  |  | $ | 462 |
Exercisable at December 31, 2018 |  |  | 44,159 |  |  | $ | 13.21 |  |  |  | 3.2 years |  |  | $ | 462 |
Fully vested options at December 31, 2018 |  |  | 44,159 |  |  | $ | 13.21 |  |  |  | 3.2 years |  |  | $ | 462 |
Additional information about stock options exercised is presented below:
(Dollars in thousands) |  | Years ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Intrinsic value of options exercised (on exercise date) |  | $ | 1,523 |  |  | $ | 279 |  |  | $ | 1,820 |
Cash received from options exercised |  |  | 534 |  |  |  | 228 |  |  |  | 1,796 |
Excess tax benefit realized from options exercised |  | $ | 136 |  |  | $ | 103 |  |  | $ | 308 |
As of December 31, 2018, there was $160,000 of unrecognized compensation cost related to the 24,547 outstanding nonvested options.
(Dollars in thousands) |
Year |  |  | Amount |
2019 |  |  | $ | 62 |
2020 |  |  |  | 62 |
2021 |  |  |  | 36 |
Total |  |  | $ | 160 |
A summary of nonvested restricted common stock activity during 2018 is presented below:
|  | Shares |  |  | Weighted average grant date price per share |
Nonvested restricted common stock at January 1, 2018 |  |  | 9,834 |  |  | $ | 24.67 |
Granted |  |  | 10,780 |  |  | $ | 27.63 |
Vested |  |  | (4,605 | ) |  | $ | 26.16 |
Effect of 5% stock dividend |  |  | 791 |  |  |  |  |
Nonvested restricted common stock at December 31, 2018 |  |  | 16,800 |  |  | $ | 25.87 |
As of December 31, 2018, there was $339,000 of total unrecognized compensation cost related to 16,800 outstanding unvested restricted shares that will be recognized over the following periods:
(Dollars in thousands) |
Year |  |  | Amount |
2019 |  |  | $ | 155 |
2020 |  |  |  | 92 |
2021 |  |  |  | 58 |
2022 |  |  |  | 34 |
Total |  |  | $ | 339 |

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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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