Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

Stock-Based Compensation [Abstract]

Stock-Based Compensation

3.         Stock-Based Compensation

No awards were granted during the six-month period ending June 30, 2016. As of June 30, 2016, there was $35,000 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 $36,000 and $33,000 during the six-month periods ended June 30, 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	(5,405)		26.42	4.4			143
Forfeited	(16,019)		27.71	0.5			444
Outstanding at June 30, 2016	173,097	$	26.85	5.1	Yrs.	$	237
Exercisable at June 30, 2016	158,597	$	26.69	4.7	Yrs.	$	237

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 $28.00 as of June 30, 2016 and $28.75 as of December 31, 2015.

A summary of the Company’s restricted stock activity and related information for the six-month period ended June 30, 2016 is as follows:

			Weighted-Average
	Number of		Grant Date
	Restricted Stock		Fair Value
Outstanding, January 1,	13,810	$	28.82
Granted	-		-
Vested	-		-
Forfeited	-		-
Non-vested at June 30,	13,810	$	28.82

The expected future compensation expense relating to the 13,810 shares of non-vested restricted stock outstanding as of June 30, 2016 is $353,000.  This cost will be recognized over the remaining vesting period of 4.5 years.  Compensation costs related to restricted stock amounted to $45,000 and $27,000 during the six-month periods ended June 30, 2016 and 2015, respectively.