XML 50 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 5 - Share-Based Compensation
 6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 5: Share-Based Compensation


The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan to provide an incentive to directors and employees of the Company by the grant of options, restricted stock awards or phantom stock units. The Plan provides for the issuance of up to 3,000,000 shares of the Company’s common stock subject to certain Plan limitations. As of June 30, 2015, 2,878,805 shares of stock remain available for issuance under the Plan. The vesting of restricted stock awards and options may be accelerated in accordance with terms of the plan. The Compensation Committee shall determine the vesting of restricted stock awards and stock options. Restricted stock grants are available to directors and employees and generally vest in annual installments over a three, four or five year period from the date of grant. The Company is expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a prorated straight-line basis.


During the three months ended June 30, 2015 and June 30, 2014, the Company recorded $114,000 and $72,000 of total stock-based compensation, respectively. During the six months ended June 30, 2015 and June 30, 2014, the Company recorded $228,000 and $130,000 of total stock-based compensation, respectively. During the six months ended June 30, 2015, there were 2,940 shares granted under the 2012 Stock Plan.


The following is a summary of the status of the Company’s restricted shares as of June 30, 2015, and changes therein during the period then ended.


   

Number of Shares

   

Weighted Average

Grant Date Fair

 
    Awarded (1)     Value (1)  

Non-vested at December 31, 2014

     79,208     $ 12.79  

Granted

     2,940       17.00  

Vested

     (450 )     17.25  
                 

Non-vested at June 30, 2015

     81,698     $ 12.92  

(1) All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015.


Expected future stock award expense related to the non-vested restricted awards as of June 30, 2015, is $875,000 over an average period of 2.48 years.


The Company had no outstanding stock options at June 30, 2015.