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Note 11 - Stock Awards | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
11. | STOCK AWARDS
In accordance with the Company ’s 2013 Incentive Plan, stock awards, including stock options and restricted stock, have been granted to certain employees and non-employee directors. Shares of common stock available for distribution to satisfy the grants may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. Stock-based compensation expense related to stock awards totaled $0.1 million for both of the three -month periods ended March 31, 2017 and 2016. Stock Options The stock option 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. 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.
|  | 2017 |  |  | 2016 |
Risk-free interest rate |  |  | 2.23 | % |  |  | 1.58 | %
Expected term |  | 7.5 years |  |  | 7.5 years |
Expected stock price volatility |  |  | 25.36 | % |  |  | 25.25 | %
Dividend yield |  |  | 1.50 | % |  |  | 1.50 | %
The following table summarizes the Company's stock option activity for the periods presented.
|  | Three Months Ended |
|  | March 31 , 2017 |  |  | March 31 , 2016 |
|  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 272,550 |  |  | $ | 8.21 |  |  |  | 175,550 |  |  | $ | 8.17 |
Granted |  |  | 64,600 |  |  |  | 14.11 |  |  |  | 97,000 |  |  |  | 8.30 |
Exercised |  |  | 16,650 |  |  |  | 8.15 |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding, end of period |  |  | 320,500 |  |  | $ | 9.41 |  |  |  | 272,550 |  |  | $ | 8.21 |
Options exercisable, end of period |  |  | 210,633 |  |  | $ | 8.20 |  |  |  | 175,550 |  |  | $ | 8.17 |
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 $0.7 million and $0.1 million as of March 31, 2017 and 2016, respectively. Restricted Stock During the first three months of 2017, 7,533 shares of restricted stock were granted with vesting periods of either one or three years. No shares of restricted stock were granted during the first three months of 2016. The Company recognizes the cost of services received in exchange for restricted stock awards based on the grant date closing price of the stock, with compensation expense recognized on a straight-line basis over the award’s vesting period.

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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