Stock Option Grants

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

12.	STOCK OPTION GRANTS

As of September 30, 2015 and September 30, 2014, the Company had outstanding stock option awards that were granted by USBI to certain employees and non-employee directors under the 2013 Incentive Plan. The stock option awards were granted with an exercise price equal to the market price of USBI’s common stock on the date of the grant. The awards granted were either fully vested or had a vesting period of one year, with a contractual 10-year term. The Company recognizes the cost of services received in exchange for stock options based on the grant date fair value of the award. The fair value is determined using the Black-Scholes option pricing model, and the compensation cost is recognized on a straight-line basis over the vesting period of the award. Stock-based compensation expense related to stock options was $0.2 million and $0.3 million for the nine-month periods ended September 30, 2015, and September 30, 2014, respectively. The following table summarizes the Company’s stock option activity for the periods presented.

	Nine Months Ended
	September 30, 2015				September 30, 2014
	Number of Shares		Average Exercise Price		Number of Shares		Average Exercise Price
Options:
Outstanding, beginning of period		83,400	$	8.09		—	$	—
Granted		96,150		8.23		83,400		8.09
Exercised		—		—		—		—
Expired		—		—		—		—
Forfeited		2,500		8.09		—		—
Options outstanding, end of period		177,050	$	8.16		83,400	$	8.09
Options exercisable, end of period		81,900	$	8.09		72,650	$	8.10

The awards granted in 2015 have a vesting period of one year, with a contractual 10-year term. To calculate the fair value of these awards, the Company used a risk-free interest rate of 1.5%, an expected option life of 7.5 years and a dividend rate of 1.5%. Stock price volatility was calculated using a three-year stock price history. The aggregate intrinsic value of stock options outstanding (calculated as the amount by which the market value of the underlying stock exceeds the exercise price of the option) was less than $0.1 million as of both September 30, 2015 and 2014.