Stock Options and Restricted Stock

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Options and Restricted Stock

Note 2. Stock Options and Restricted Stock

As of September 30, 2017, the Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE Non-Employee Director Restricted Stock Plan (the “Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). In connection with the approval of the 2012 Incentive Plan by the Company’s shareholders, no further grants will be made under the 2005 Incentive Plan.  All grants made under the 2005 Incentive plan continue in effect, subject to the terms and conditions of the 2005 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 for additional information regarding the Company’s incentive plans.

During the nine months ended September 30, 2017, the Company granted 7,434 and 6,454 shares of restricted common stock to executive officers and non-employee directors, respectively.  The market value of the restricted shares granted totaled $0.7 million.  During the nine months ended September 30, 2016, the Company granted 27,077 and 5,952 shares of restricted common stock to executive officers and non-employee directors, respectively. The market value of the restricted shares granted totaled $1.9 million.

During the nine months ended September 30, 2017, no options to purchase shares of common stock were exercised. During the nine months ended September 30, 2016, options to purchase 68,879 shares of common stock were exercised. In connection with these exercises, the Company received $0.8 million of stock option proceeds.

The Company recognized share-based compensation expense of $0.3 million in the quarters ended September 30, 2017 and 2016.  The Company recognized share-based compensation expense of $1.3 million in the nine months ended September 30, 2017 and $1.1 million for the same period of 2016.