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Note 13 - Stock Option Grants | 9 Months Ended
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Sep. 30, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
13. | STOCK OPTION GRANTS
In accordance with the Company ’s 2013 Incentive Plan, stock option awards have been granted to certain employees and non-employee directors. The awards were granted with an exercise price equal to the market price of the Company’s common stock on the date of grant and have vesting periods ranging from one to three years, with 10-year contractual terms. The Company expects to use shares held as treasury stock to satisfy share option exercises. Currently, the Company holds a sufficient number of treasury shares to satisfy potential exercises. The Company recognizes the cost of services received in exchange for stock option awards based on the grant date fair value of the award, with compensation expense recognized on a straight-line b asis over the award’s vesting period. The fair value of outstanding awards was determined using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock.
|  | 2016 |  |  | 2015 |
Risk-free interest rate |  |  | 1.58 | % |  |  | 1.52 | %
Expected term |  | 7.5 years |  |  | 7.5 years |
Expected stock price volatility |  |  | 25.25 | % |  |  | 54.04 | %
Dividend yield |  |  | 1.50 | % |  |  | 1.50 | %
The following table summarizes the Company's stock option activity for the periods presented.
|  | Nine Months Ended |
|  | September 30 , 201 6 |  |  | September 30 , 201 5 |
|  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 175,550 |  |  | $ | 8.17 |  |  |  | 83,400 |  |  | $ | 8.09 |
Granted |  |  | 97,000 |  |  |  | 8.30 |  |  |  | 96,150 |  |  |  | 8.23 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | 2,500 |  |  |  | 8.09 |
Options outstanding, end of period |  |  | 272,550 |  |  | $ | 8.21 |  |  |  | 177,050 |  |  | $ | 8.16 |
Options exercisable, end of period |  |  | 175,550 |  |  | $ | 8.17 |  |  |  | 81,900 |  |  | $ | 8.09 |
Stock-based compensation expense related to stock options totaled $0.1 million and $0.2 million for the nine-month periods ended September 30, 2016 and 2015, respectively. The aggregate intrinsic value of stock options outstanding (calculated as the amount by which the market value of underlying stock exceeds the exercise price of the option) was $0.4 million as of September 30, 2016 and $0.1 million as of September 30, 2015.

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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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