Note 5 - Benefit Plans

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 5: Benefit Plans

The Company has stock-based employee compensation plans, which are described in the Company’s Form 10-K for the year ended December 31, 2013.     

The table below summarizes transactions under the Company’s stock option plans for nine months ended September 30, 2014:

	Number of shares
	Incentive Stock Option			Non- Incentive Stock Option			Weighted Average Exercise Price
Balance outstanding as of January 1, 2014		168,100			121,000		$	16.54
Granted		-			-			-
Exercised		(25,100	)		(14,500	)		5.33
Forfeited		(2,700	)		(24,000	)		19.03
Balance outstanding as of September 30, 2014		140,300			82,500			18.23
Options exercisable as of September 30, 2014		133,900			79,500			18.81

Stock-based compensation expense, consisting of stock options and restricted stock awards, recognized for the three months ended September 30, 2014 and 2013 was $29,304 and $31,923, respectively. Stock-based compensation expense recognized for the nine months ended September 30, 2014 and 2013 was $223,520 and $219,199, respectively. As of September 30, 2014, there was $5,631 of unrecognized compensation expense related to nonvested stock options and $196,858 of unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the remaining vesting period.

In February 2014 and January 2013, the Company granted restricted stock to directors pursuant to the 2010 Equity Plan that was fully vested and thus, expensed in full on the date of the grants. The amount expensed was $122,538 and $116,032 for 2014 and 2013, respectively, which represents 11,242 shares of common stock at a market price of $10.90 at the date of grant in 2014 and 16,576 shares of common stock at a market price of $7.00 at the date of grant in 2013.

In February 2014, the company granted 21,820 shares of restricted stock to officers that have a cliff vesting at the end of three years. The expense is being recognized over the applicable vesting period. The amount expensed during the nine months ended September 30, 2014 was $51,817.