Stock Option Grants

12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

14.	STOCK OPTION GRANTS

As of December 31, 2015 and 2014, the Company had outstanding stock options 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 $0.3 million for the years ended December 31, 2015 and 2014. The following table summarizes the Company’s stock option activity for 2015 and 2014.

	December 31, 2015				December 31, 2014
	Number of Shares		Average Exercise Price		Number of Shares		Average Exercise Price
Options:
Outstanding, beginning of year		83,400	$	8.09		—	$	—
Granted		96,150		8.23		83,400		8.09
Exercised		—		—		—		—
Expired		—		—		—		—
Forfeited		4,000		8.08		—		—
Options outstanding, end of year		175,550	$	8.17		83,400	$	8.09
Options exercisable, end of year		80,400	$	8.09		72,650	$	8.10

The awards granted in both 2015 and 2014 had a vesting period of one year, with a contractual 10-year term. To calculate the fair value of the awards in both years, the Company used an expected option life of 7.5 years, a dividend rate of 1.5%, and stock price volatility based on a three-year stock price history. The risk-free interest rate used in the calculation was 1.5% for the options issued in 2015 and 2.8% in 2014. 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 approximately $0.1 million as of both December 31, 2015 and 2014.