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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8 - Stock Based Compensation The Bancorp’s 2004 Stock Option Plan (the Plan), which is stockholder-approved, permits the grant of share options to its employees for up to 250,000 shares of common stock. Awards granted under the Plan may be in the form of incentive stock options, non-incentive stock options, or restricted stock awards. As required by the Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the three months ended March 31, 2014, stock based compensation expense of $15 thousand was recorded, compared to $6 thousand for the three months ended March 31, 2013. It is anticipated that current outstanding vested and unvested options and awards will result in additional compensation expense of approximately $44 thousand in 2014 and $57 thousand in 2015. There were no incentive stock options granted during the first three months of 2014 or 2013. When options are granted, the cost is measured at the fair value of the options when granted, and this cost is expensed over the employment service period, which is normally the vesting period of the options or awards. Compensation cost will also be recorded for prior option grants that vest after the date of adoption. A summary of incentive option activity under the Bancorp’s incentive stock option plan for the three months ended March 31, 2014 follows:
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  | Average |  |  |  |
|  |  |  |  | Average |  | Remaining |  | Aggregate |
|  |  |  |  | Exercise |  | Contractual |  | Intrinsic |
Incentive options |  | Shares |  | Price |  | Term |  | Value |
Outstanding at January 1, 2014 |  |  | 6,350 |  | $ | 29.82 |  |  |  |  |  |  |
Granted |  |  | - |  |  | - |  |  |  |  |  |  |
Exercised |  |  | - |  |  | - |  |  |  |  |  |  |
Forfeited |  |  | - |  |  | - |  |  |  |  |  |  |
Expired |  |  | (5,600) |  | $ | 30.00 |  |  |  |  |  |  |
Outstanding at March 31, 2014 |  |  | 750 |  | $ | 28.50 |  |  | 3.9 |  |  | - |
Exercisable at March 31, 2014 |  |  | 750 |  | $ | 28.50 |  |  | 3.9 |  |  | - |
There were 3,675 shares of restricted stock granted during the first three months of 2014 compared to 3,950 shares granted during the first three months of 2013. Restricted stock awards are issued with an award price equal to the market price of the Bancorp’s common stock on the award date and with a five year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. A summary of restricted stock activity under the Bancorp’s incentive stock option plan for the three months ended March 31, 2014 follows:
|  |  |  | Weighted- |  | Weighted- |  |  |
|  |  |  | Average |  | Average |  | Aggregate |
|  |  |  | Exercise |  | Grant Date |  | Intrinsic |
Restricted stock |  | Shares |  | Price |  | Fair Value |  | Value |
Nonvested at January 1, 2014 |  |  | 11,100 |  | $ | 21.54 |  | $ | 21.54 |  | $ | 55,408 |
Granted |  |  | 3,675 |  |  | 26.50 |  |  | 26.50 |  |  | 110 |
Vested |  |  | - |  |  | - |  |  | - |  |  | - |
Forfeited |  |  | - |  |  | - |  |  | - |  |  | - |
Nonvested at March 31, 2014 |  |  | 14,775 |  | $ | 22.77 |  | $ | 22.77 |  | $ | 55,518 |

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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=6418621&loc=d3e17540-113929 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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