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Note 5 - Share-based Compensation
 3 Months Ended
Mar. 31, 2016
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 granting 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 March 31, 2016, 2,815,000 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 March 31, 2016 and March 31, 2015, the Company recorded $154,000 and $114,000 of total stock-based compensation, respectively. During the three months ended March 31, 2016, the Company issued 5,884 shares of restricted stock to directors and 52,200 shares of restricted stock to employees under the 2012 Stock Plan. 


The following is a summary of the status of the Company’s restricted shares as of March 31, 2016, and changes therein during the period then ended.


   

Number of Shares

Awarded

    

Weighted Average
Grant Date
Fair Value

 

Non-vested at December 31, 2015

     55,854     $ 12.83  

Granted

     58,084       15.25  

Non-vested at March 31, 2016

     113,938     $ 14.06  

Expected future stock award expense related to the non-vested restricted awards as of March 31, 2016, is $1.5 million over an average period of 2.71 years.


The Company had no outstanding stock options at March 31, 2016.