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Note 11 - Share-based Compensation
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 11.

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 December 31, 2015, 2,873,084 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 make terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants are available to directors and employees and vest in quarterly or annual installments over a three, four or five year period from the date of grant. The Compensation Committee accelerated the vesting of the initial grant of restricted stock in 2012, whereby the first year of the tranche vested immediately. 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 twelve months ended December 31, 2015, the Company issued 12,700 shares of restricted stock grants to directors and employees under the 2012 Stock Plan. In accordance with the terms of the Plan, 4,039 shares were forfeited during the same period. All restricted Stock awards are non- participating grants.


For the years ended December 31, 2015, 2014 and 2013, the Company recorded $461,000, $275,000 and $131,000 of total stock-based compensation, respectively. During 2015, the Company issued 5,000 shares of restricted stock to employees, 7,700 shares of restricted stock issued to directors and no options were granted or exercised. During 2014, the Company issued 68,814 shares of restricted stock to employees, 4,744 shares of restricted stock issued to directors and no options were granted or exercised. In 2013, the Company awarded 32,964 shares of restricted stock to employees, there were no shares of restricted stock issued to directors and no options were granted or exercised.


The following is a summary of the status of the Company’s restricted shares as of December 31, 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, 2012

     4,456     $ 17.30  

2013 Granted

     32,964       12.40  

Vested

     (9,238 )     14.10  

Non-vested at December 31, 2013

     28,182     $ 12.60  

2014 Granted

     73,558       13.21  

Vested

     (22,532 )     11.76  

Non-vested at December 31, 2014

     79,208     $ 12.79  

2015 Granted

     12,700       16.85  

Vested

     (32,015 )     13.14  

Forfeited

     (4,039 )     14.36  

Non-vested at December 31, 2015

     55,854     $ 12.83  

(1) On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All Restricted Stock Units outstanding included in the table above has been restated to give effect to the reverse stock split. These Restricted Stock Units are included in the calculation of diluted Earnings Per Share.


Expected future stock award expense related to the non-vested restricted awards as of December 31, 2015, is $748,000 over an average period of 2.44 years.