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Note 14 - Stock Option Grants
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
14.
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 the grant and have vesting periods ranging from
one
to
three
years, with
10
-year contractual terms. In accordance with the
2013
Incentive Plan, shares of common stock available for distribution to satisfy share option exercises
may
consist, in whole or in part, of authorized and unissued shares, treasury shares  or shares re-aquired by the Company in any manner.
 
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 basis 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.
 
   
December 31, 2016
    
December 31, 2015
  
   
Number of
Shares
    
Average
Exercise
Price
    
Number of
Shares
    
Average
Exercise
Price
  
Options:
                                
Outstanding, beginning of year
    
175,550
     $
8.17
      
83,400
     $
8.09
  
Granted
    
97,000
      
8.30
      
96,150
      
8.23
  
Exercised
    
—
      
—
      
—
      
—
  
Expired
    
—
      
—
      
—
      
—
  
Forfeited
    
—
      
—
      
4,000
      
8.08
  
Options outstanding, end of year
    
272,550
     $
8.21
      
175,550
     $
8.17
  
Options exercisable, end of year
    
175,550
     $
8.17
      
80,400
     $
8.09
  
 
Stock-based compensation expense related to stock options totaled
$0.1
million and
$0.3
million for the years ended
December
31,
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 approximately
$0.5
million and
$0.1
million as of 
December
31,
2016
and
2015,
respectively.