Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

3. Stock-Based Compensation

No awards were granted during the three month period ending March 31, 2016. As of March 31, 2016, there was $53,000 of total unrecognized compensation cost related to non-vested options granted in 2015 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2016. Compensation costs related to stock options amounted to $18,000 and $17,000 during the three-months periods ended March 31, 2016 and 2015, respectively.

A summary of stock options from all plans, adjusted for stock dividends declared, is shown below.



		Weighted
		Average Exercise		Weighted Average		Aggregate
		Price		Remaining		Intrinsic Value
	Options	Per Share		Contractual Term		($000)

Outstanding at January 1, 2016	194,521	$	26.91	5.2	Yrs.	$	363
Granted	-		-	-			-
Exercised	(3,200)		25.80	5.3			83
Forfeited	(1,000)		29.08	8.7			29
Outstanding at March 31, 2016	190,321	$	26.91	4.9	Yrs.	$	164

Exercisable at March 31, 2016	175,821	$	26.78	4.5	Yrs.	$	164

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The stock price was $27.36 as of March 31, 2016 and $28.75 as of December 31, 2015.

A summary of the Company’s restricted stock activity and related information for the three month period ended March 31, 2016 is as follows:



			Weighted-Average
	Number of		Grant Date
	Restricted Stock		Fair Value
Outstanding, January 1, 2016	13,810	$	28.82
Granted	-		-
Vested	-		-
Forfeited	-		-
Non-vested at March 31, 2016	13,810	$	28.82

The expected future compensation expense relating to the 13,810 shares of non-vested restricted stock outstanding as of March 31, 2016 is $376,000. This cost will be recognized over the remaining vesting period of 4.75 years. Compensation costs related to restricted stock amounted to $22,000 and $14,000 during the three-month periods ended March 31, 2016 and 2015, respectively.