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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2012
Share-Based Compensation [Abstract] |
Share-Based Compensation | Note 5: Share-Based Compensation The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan to provide an incentive by the grant of options, restricted stock awards or phantom stock units to directors and employees of the Company. The Plan provides for the issuance of up to 3,000,000 shares of the Company’s common stock subject to certain Plan limitations. 2,045,654 shares of stock remain available for issuance under the Plan as of June 30, 2012. The vesting of options and restricted stock awards may accelerate in accordance with terms of the plan. The Compensation Committee shall make terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants vest in quarterly installments over a four year period from the date of grant. The Compensation Committee accelerated the vesting of the initial grant of restricted stock, whereby the first year of the tranche vested immediately. Stock options were granted at an exercise price equal to $2.20 based on a price determined by the Compensation Committee and all have an expiration period of 10 years. The fair value of stock options granted on January 24, 2012, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.28 years utilizing the simplified method, risk-free rate of return of 1.28%, volatility of 61.29% and no dividend yield. The Company is expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a straight-line basis. During the three and six months ended June 30, 2012, the Company recorded $53,497 and $133,128 of total stock-based compensation, respectively. The following table is a summary of the Company’s non-vested stock options as of June 30, 2012, and changes therein during the period then ended:
|  | Number of Stock Options |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Life (years) |
Outstanding—December 31, 2011 |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
Granted |  |  | 850,000 |  |  |  | 0.90 |  |  |  | 2.20 |  |  |  | 10 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding—June 30, 2012 |  |  | 850,000 |  |  | $ | 0.90 |  |  | $ | 2.20 |  |  |  | 10 |
Exercisable—June 30, 2012 |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
Expected future stock option expense related to the non-vested options outstanding as of June 30, 2012, is $669,877 over an average period of 2.28 years. The following is a summary of the status of the Company’s restricted shares as of June 30, 2012, and changes therein during the period then ended.
|  | Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value |
Non-vested at December 31, 2011 |  |  | — |  |  | $ | — |
Granted |  |  | 104,346 |  |  |  | 1.73 |
Vested |  |  | (25,715 | ) |  |  | 1.73 |
Forfeited |  |  | — |  |  |  | — |
Non-vested at June 30, 2012 |  |  | 78,631 |  |  | $ | 1.73 |
Expected future stock award expense related to the non-vested restricted awards as of June 30, 2012, is $135,638 over an average period of 3.10 years.

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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 + Details
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