Note 5 - Benefit Plans

3 Months Ended

Mar. 31, 2016

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 2015 Annual Report.     

The following tables below summarize transactions under the Company’s equity plans for the three months ended March 31, 2016:

Stock Options
	Number of shares
	Incentive Stock Option			Non- Incentive Stock Option			Weighted Average Exercise Price
Balance outstanding as of January 1, 2016		91,500			57,500		$	19.58
Granted		-			-			-
Exercised		(10,000	)		(5,000	)		5.19
Forfeited		(5,000	)		-			28.34
Balance outstanding as of March 31, 2016		76,500			52,500		$	20.92
Options exercisable as of March 31, 2016		76,500			52,500		$	20.92

The total intrinsic value of stock options exercised for the three months ended March 31, 2016 and 2015 was $153,353 and $201,406, respectively. The total intrinsic value of outstanding stock options (including exercisable) was $401,385 and $655,060 at March 31, 2016 and 2015, respectively. The total fair value of share awards vested was $0 and $136,394 during the three months ended March 31, 2016 and 2015, respectively.

Restricted Stock
	Number of Shares			Weighted Average Grant- Date Fair Value
Balance of shares non-vested as of January 1, 2016		43,477		$	12.75
Granted		23,929			15.00
Vested		(1,454	)		15.00
Forfeited		-			-
Balance of shares non-vested as of March 31, 2016		65,952		$	13.52

In February 2016, the Company granted 9,336 shares of restricted stock to directors pursuant to the 2015 Equity Plan of which 1,167 were immediately vested (and expensed in full) and 8,167 have a cliff vesting at the end of one year, and thus, expensed over that same period. These shares had a grant date market price of $15.00 per share. The total amount expensed for the quarter was $30,691. In February 2015, 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 which represents 8,281 shares of common stock at a market price of $14.79 at the date of grant in 2015.

For the three months ended March 31, 2016 and 2015, the Company granted 14,593 and 17,704 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 to officers (including all previous years grants) during the three months ended March 31, 2016 and 2015 was $56,166 and $42,439, respectively.

Total stock-based compensation expense recognized for the three months ended March 31, 2016 and 2015 was $86,857 and $164,915, respectively. As of March 31, 2016, there was $582,717 of unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the remaining vesting period.