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Note 5 - Share-Based Compensation
 9 Months Ended
Sep. 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 September 30, 2015, 2,870,584 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 September 30, 2015 and September 30, 2014, the Company recorded $112,000 and $73,000 of total stock-based compensation, respectively. During the nine months ended September 30, 2015 and September 30, 2014, the Company recorded $340,000 and $203,000 of total stock-based compensation, respectively. During the nine months ended September 30, 2015, the Company issued 12,700 shares of restricted stock to directors and employees under the 2012 Stock Plan.  In accordance with the terms of the Plan, 1,539 shares were forfeited during the same period.


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


   

Number of Shares

Awarded (1)

    

Weighted Average
Grant Date Fair
Value (1)

  

Non-vested at December 31, 2014

     79,208     $ 12.79  

Granted

     12,700       16.85  

Vested

     (675 )     17.25  

Forfeited

     (1,539 )     10.40  

Non-vested at September 30, 2015

     89,694     $ 13.37  

(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 September 30, 2015, is $911,000 over an average period of 2.68 years.


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