Note 5 - Benefit Plans

6 Months Ended

Jun. 30, 2015

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 December 31, 2014 Annual Report on Form 10-K.     

The following tables below summarize transactions under the Company’s equity plans for six months ended June 30, 2015:

Stock Options

	Number of shares
	Incentive Stock Option			Non-Incentive Stock Option			Weighted Average Exercise Price
Balance outstanding as of January 1, 2015		140,300			82,500		$	18.23
Granted		-			-			-
Exercised		(1,300	)		(20,000	)		5.23
Forfeited		(18,000	)		-			23.33
Balance outstanding as of June 30, 2015		121,000			62,500			19.24
Options exercisable as of June 30, 2015		121,000			62,500			19.24

Restricted Stock 

	Number of Shares			Weighted Average Grant-Date Fair Value
Balance of shares non-vested as of January 1, 2015		30,503		$	10.26
Granted		28,451			14.78
Vested		(15,083	)		11.64
Forfeited		-			-
Balance of shares non-vested as of June 30, 2015		43,871			12.72

The total intrinsic value of stock options exercised for the six months ended June 30, 2015 and 2014 was $201,406 and $116,226, respectively. The total intrinsic value of outstanding stock options was $670,810 and $833,326 at June 30, 2015 and 2014. The total intrinsic value of outstanding exercisable stock options was $670,810 and $713,282 at June 30, 2015 and 2014. The total fair value of share awards vested was $138,368 and $258,750 during the six months ended June 30, 2015 and 2014, respectively.

In February 2015 and 2014, 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 $122,476 and $122,538 for 2015 and 2014, respectively, which represents 8,281 shares of common stock at a market price of $14.79 at the date of grant in 2015 and 11,242 shares of common stock at a market price of $10.90 at the date of grant in 2014. In June 2015, the Company granted 966 shares of restricted stock to directors that have a cliff vesting at the end of three years. The expense is being recognized over the applicable vesting period. The amount expensed for the six months ended June 30, 2015 was $77.

For the six months ended June 30, 2015 and 2014, the Company granted 19,204 and 23,320 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 total amount of expense for restricted stock grants during the six months ended June 30, 2015 and 2014 was $85,943 and $51,322, respectively.

Stock-based compensation expense, consisting of stock options and restricted stock awards, recognized for the three months ended June 30, 2015 and 2014 was $43,580 and $30,918, respectively. Stock-based compensation expense recognized for the six months ended June 30, 2015 and 2014 was $208,730 and $190,490 respectively. As of June 30, 2015, there was $402,816 of unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the remaining vesting period.