XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

Stock-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2019
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | NOTE 9 – STOCK-BASED COMPENSATION The Company has three stock-based compensation plans (collectively, the “Plans”), as described below, under which awards are outstanding or may be granted in the future. Total compensation cost that has been charged against income for those Plans totaled $138 and $254, respectively, for the three and six months ended June 30, 2019 and $96 and $192, respectively, for the three and six months ended June 30, 2018. The total income tax effect was $29 and $53, respectively, for the three and six months ended June 30, 2019 and $20 and $40, respectively, for the three and six months June 30, 2018. All exercise prices and share amounts have been restated for the 1-for-5.5 reverse stock split on August 20, 2018 (see Note 1). The Plans are all stockholder-approved and authorize stock option grants and restricted stock awards to be made to directors, officers and employees. The 2003 Equity Compensation Plan (the “2003 Plan”), as amended and restated, provided an aggregate of 18,181 shares for stock option grants and restricted stock awards, of which up to 5,454 shares could be awarded in the form of restricted stock awards. The 2009 Equity Compensation Plan (the “2009 Plan”), which was approved by stockholders on May 21, 2009, replaced the 2003 Plan and provided for 36,363 shares, plus any remaining shares available to grant or that are later forfeited or expire under the 2003 Plan, to be made available to be issued as stock option grants, stock appreciation rights or restricted stock awards. On May 16, 2013, the Company’s stockholders approved the First Amendment to the 2009 Plan to increase the number of shares of common stock reserved for stock option grants and restricted stock awards thereunder to 272,727. The 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by stockholders on May 29, 2019, authorizes up to 300,000 shares (plus any shares that are subject to grants under the Central Federal Corporation 2009 Equity Compensation Plan and that are later forfeited or expire), to be awarded as stock option grants, stock appreciation rights, restricted stock awards or restricted stock units. Stock Options: The Plans permit the grant of stock options to directors, officers and employees of the Holding Company and CFBank. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally have vesting periods ranging from one to three years, and are exercisable for ten years from the date of grant. Unvested stock options immediately vest upon a change of control. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. Employee and management options are tracked separately. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no options granted or exercised during the three and six months ended June 30, 2019 and June 30, 2018. A summary of stock option activity in the Plans for the six months ended June 30, 2019 follows (unaudited):
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Intrinsic Value
﻿Outstanding at beginning of year | 96,379 |  | $ | 7.65 |  |  |  |  |
﻿Expired | - |  |  | - |  |  |  |  |
﻿Cancelled or forfeited | (925) |  |  | 8.03 |  |  |  |  |
﻿Outstanding at end of period | 95,454 |  | $ | 7.64 |  | 3.9 |  | $ | 422,330
﻿ |  |  |  |  |  |  |  |  |
﻿Exercisable at end of period | 95,454 |  |  | 7.64 |  | 3.9 |  | $ | 422,330
﻿ During the six months ended June 30, 2019, there were 925 stock options canceled, forfeited or expired. There were 73 stock options canceled, forfeited or expired during the six months ended June 30, 2018. As of June 30, 2019, all stock options granted under the Plans were vested. Restricted Stock Awards: The Plans also permit the grant of restricted stock awards to directors, officers and employees. Compensation is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock is determined using the closing share price on the date of grant and shares generally have vesting periods of one to three years. There were 33,788 shares of restricted stock granted under the 2009 Plan during the six months ended June 30, 2019. There were 727 shares of restricted stock granted under the 2009 Plan during the six months ended June 30, 2018. A summary of changes in the Company’s nonvested restricted stock awards as of June 30, 2019 follows (unaudited): ﻿
﻿ |  |  |  |
﻿ |  |  |  |
﻿Nonvested Shares | Shares |  | Weighted Average Grant-Date Fair Value
﻿Nonvested at January 1, 2019 | 69,324 |  | $ | 11.91
﻿Granted | 33,788 |  |  | 12.81
﻿Vested | - |  |  | -
﻿Forfeited | (1,493) |  |  | 12.12
﻿Nonvested at June 30, 2019 | 101,619 |  | $ | 12.21
﻿ As of June 30, 2019 and 2018, the unrecognized compensation cost related to nonvested restricted stock awards granted under the Plans was $972 and $642, respectively. There were 1,493 shares of restricted stock forfeited during the six month period ended June 30, 2019. There were 7,999 shares of restricted stock forfeited during the six months ended June 30, 2018. There were no shares of restricted stock that vested during the six months ended June 30, 2019 and 2018. The 2009 Plan terminated in accordance with its terms on March 19, 2019 and, as a result, no further awards may be granted under the 2009 Plan. There were 300,000 shares remaining available for grant under the 2019 Plan at June 30, 2019.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration