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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2020
Stock Based Compensation [Abstract] |
Stock Based Compensation | ﻿ Note 4 – Stock Based Compensation Accounting standards require companies to recognize the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards. Note 4 – Stock Based Compensation (continued) At the annual meeting of shareholders held on May 15, 2018, the shareholders approved the Bank of the James Financial Group, Inc. 2018 Equity Incentive Plan (the “2018 Incentive Plan”). The 2018 Incentive Plan permits the issuance of up to 250,000 shares of common stock for awards to key employees of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock awards and performance units. On January 2, 2019, the Company granted its first block of equity compensation under the 2018 Incentive Plan consisting of 24,500 restricted stock units. The recipients of restricted stock units do not receive shares of the Company’s stock immediately, but instead may receive shares, cash in lieu of shares, or a combination thereof upon satisfying the requisite service period specified by the terms and conditions of the gran t. Add itionally, the recipients of restricted stock units do not enjoy the rights of holder of the Company’s common stock until the units have vested and as such, they do not have voting rights or rights to nonforfeitable dividends. The related compensation expense is based on the grant date fair value of the Company’s stock of $13.00 per share. RSUs vest over 3 years in thirds with the first one-third vesting on January 2, 2020. The value of the first one-third vested portion of the grant was settled with cash payments and no shares were issued. ﻿ The total expense recognized for the three months ended September 30, 2020 and 2019, in connection with the restricted stock unit awards was approximately $26,000 and $26,000, respectively. The total expense recognized for the nine months ended September 30, 2020 and 2019, in connection with the restricted stock unit awards was approximately $80,000 and $80,000, respectively. There were no forfeitures during the three and nine month periods ending September 30, 2020. ﻿ At September 30, 2020, the unrecognized stock-based compensation expense related to unvested restricted stock units amounted to approximately $133,000. The unrecognized expense will be recognized ratably over the remaining vesting period of 1.25 years. The Company accounts for forfeitures as they occur.

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