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Note 12 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 12. | Share-based Compensation
The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan (the “Plan”) to provide an incentive to directors and employees of the Company by the grant of restricted stock awards (“RSA”), options, or phantom stock units. Since 2013, the Company’s practice is to grant RSAs; as of December 31, 2016, there are no options or phantom stock units outstanding or that have been exercised. 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, 2016, 2,885,516 shares of stock remain available for issuance under the Plan. In accordance with the terms of the Plan, the vesting of RSAs and options may be accelerated at the discretion of the Compensation Committee of the Board of Directors. The Compensation Committee sets the terms and conditions applicable to the vesting of RSAs and stock option grants. RSAs granted to directors and employees generally vest in quarterly or annual installments over a three, four or five year period from the date of grant. During the years ended December 31, 2016, 2015, and 2014, the Company granted 52,200, 5,000, and 68,814 restricted shares to employees and 5,884, 7,700, and 4,744 restricted shares to directors, respectively. Additionally, during the year ended December 31, 2016, the Company issued 8,161 shares of restricted stock that became fully vested during the period and reclaimed 70,513 shares of restricted stock that were forfeited and added-back to shares available for granting to directors and employees. All RSAs are non- participating grants. The Company recognizes compensation expense for all director and employee share-based compensation awards on a straight-line basis over the requisite service period, which is equal to the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value. For the years ended December 31, 2016, 2015 and 2014, the Company recognized share-based compensation expense of $161,000, $461,000, and $275,000, respectively. For the years ended December 31, 2016, 2015 and 2014, share-based compensation attributable to employees of Patriot amounted to $100,000, $415,000, and $232,000, respectively Included in share-based compensation expense for the years ended December 31, 2016, 2015, and 2014 is $61,000, $46,000, and $43,000 attributable to Patriot’s external Directors, who received total compensation of $302,000, $243,000, and $176,000 for each of those years, respectively, which amounts are included in Other Operating Expenses in the Consolidated Statements of Operations. The following is a summary of the status of the Company’s restricted share awards as of and for each of the years in the three -year period ended December 31, 2016.
|  | Number of Shares Awarded (1) |  |  | Weighted Average Grant Date Fair Value (1) |
Unvested at December 31, 2013 |  |  | 28,182 |  |  | $ | 12.60 |
Granted |  |  | 73,558 |  |  | $ | 13.21 |
Vested |  |  | (22,532 | ) |  | $ | 11.76 |
Unvested at December 31, 2014 |  |  | 79,208 |  |  | $ | 12.79 |
Granted |  |  | 12,700 |  |  | $ | 16.85 |
Vested |  |  | (32,015 | ) |  | $ | 13.14 |
Forfeited |  |  | (4,039 | ) |  | $ | 14.36 |
Unvested at December 31, 2015 |  |  | 55,854 |  |  | $ | 12.83 |
Granted |  |  | 58,084 |  |  | $ | 15.25 |
Vested |  |  | (8,161 | ) |  | $ | 14.79 |
Forfeited |  |  | (70,513 | ) |  | $ | 14.67 |
Unvested at December 31, 2016 |  |  | 35,264 |  |  | $ | 12.84 |
(1) On March 4, 2015, the Company effected a 1 -for- 10 reverse stock split. The information included in the table above has been restated (as applicable) to give effect to the reverse stock split. Dilutive unvested shares of restricted stock are included in the calculation of diluted Earnings Per Share.
Compensation expense attributable to the unvested restricted shares outstanding as of December 31, 2016 amounts to $451,000, which amount is expected to be recognized over the weighted average remaining life of the awards of 3.03 years. RSA Grant - Non-executive Employees On January 4, 2016, the Company granted 100 restricted shares to eighty - seven full- and part-time non-executive employees as of December 31, 2015. The total number of shares granted was 8,700 at a grant date fair value of $15.50 per share, resulting in expected future employee compensation of $135,000. The shares granted vest in three -years on January 2, 2019 and are non-participating during the vesting period. As of December 31, 2016, 1,800 of the shares granted have been forfeited. The remaining 6,900 shares continue to vest and $71,000 of compensation expense is expected to be recognized through the January 2019 vesting date.

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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 FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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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