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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2019
Stock Based Compensation [Abstract]  
Stock-Based Compensation

4.         Stock-Based Compensation



No awards were granted during the nine-month period ended September 30, 2019. As of September 30, 2019, there was $52,000 of total unrecognized compensation cost related to non-vested options granted in 2018 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2019. Compensation costs related to stock options amounted to $156,000 and $177,000 during the nine-month periods ended September 30, 2019 and 2018, respectively.



A summary of the Company’s stock option activity for the nine-month period ended September 30, 2019 is as follows:





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

Weighted

 

 

 

 

 



 

 

Average Exercise

 

Weighted Average

 

Aggregate



 

 

Price

 

Remaining

 

Intrinsic Value



Options

 

Per Share

 

Contractual Term

 

($000)



 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2019

 208,700 

 

$

 22.54 

 

 5.9 

Yrs.

 

$

 2,183 

Granted

 -

 

 

 -

 

 -

 

 

 

 -

Exercised

 (19,575)

 

 

 18.32 

 

 3.5 

Yrs.

 

 

 283 

Forfeited

 -

 

 

 -

 

 -

 

 

 

 -

Outstanding at September 30, 2019

 189,125 

 

$

 22.98 

 

 5.4 

Yrs.

 

$

 1,691 



 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2019

 160,225 

 

$

 21.29 

 

 4.7 

Yrs.

 

$

 1,691 



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 market price was $31.61 per share as of September 30, 2019 and $33.00 per share as of December 31, 2018.



A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 2019 and 2018 is as follows:







 

 

 

 

 

 

 

 

 



2019

 

2018



 

 

 

Weighted-Average

 

 

 

 

Weighted-Average



Number of

 

 

Grant Date

 

Number of

 

 

Grant Date



Restricted Stock

 

 

Fair Value

 

Restricted Stock

 

 

Fair Value

Non-vested, January 1,

34,615 

 

$

 27.82 

 

 30,415 

 

$

 24.46 

Granted

 -

 

 

 -

 

 -

 

 

 -

Vested

 -

 

 

 -

 

 -

 

 

 -

Forfeited

 -

 

 

 -

 

 -

 

 

 -

Non-vested, September 30,

34,615 

 

$

 27.82 

 

 30,415 

 

$

 24.46 







The expected future compensation expense relating to the 34,615 shares of non-vested restricted stock outstanding as of September 30, 2019 is $746,000.  This cost will be recognized over the remaining vesting period of 4.25 years.  Compensation costs related to restricted stock amounted to $217,000 and $154,000 during the nine-month periods ended September 30, 2019 and 2018, respectively.