Stock Incentive Plans

12 Months Ended

Dec. 31, 2015

Employee Benefits And Share Based Compensation [Abstract]

Bimini Capital

On August 12, 2011, Bimini Capital’s shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of Bimini Capital and to associate their interest with those of the Company and its stockholders. The 2011 Plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of common stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares.

Share Awards

In February 2014, the Compensation Committee of the Board of Directors of Bimini Capital (the “Committee”) approved certain performance bonuses for members of management. These bonuses were awarded primarily in recognition of management’s capital raising efforts in 2013. The bonuses, which were paid on February 19, 2014 (the “Bonus Date”), consisted of cash and fully vested shares of the Company’s common stock issued under the 2011 Plan. In particular, executive officers received bonuses totaling approximately $422,000, consisting of 500,000 shares of the Company’s common stock with an approximate value of $190,000, and cash of approximately $232,000 which, at the officer’s election, could be used to purchase newly issued shares directly from the Company. Under this election, the officers purchased 257,895 shares of the Company’s common stock. For purposes of these bonuses, shares of the Company’s common stock were valued based on the closing price of the Company’s common stock on the Bonus Date. The expense related to this bonus was accrued at December 31, 2013 and does not affect the results of operations for the year ended December 31, 2014.

A summary of share award activity during the year ended December 31, 2014 is presented below:

($ in thousands, except per share data)
			Weighted-
			Average	Total
			Grant-Date	Compensation
	Shares		Fair Value	Expense
Fully Vested Shares Granted	500,000	$	0.38	$	190

Performance Units

The Committee may issue Performance Units under the 2011 Plan to certain officers and employees. “Performance Units” represent the participant’s right to receive an amount, based on the value of a specified number of shares of common stock, if the terms and conditions prescribed by the Committee are satisfied. The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and performance goals. Performance goals may relate to the Company’s financial performance or the participant’s performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below. If Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.

The following table presents information related to Performance Units outstanding at December 31, 2015 and December 31, 2014:

	2015			2014
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	31,500	$	1.78	-	$	-
Granted during the year	46,000		0.84	31,500		1.78
Nonvested, at December 31	77,500	$	1.22	31,500	$	1.78

($ in thousands)
		2015		2014
Compensation expense recognized during the year	$	19	$	1
Unrecognized compensation expense at year end	$	75	$	55
Weighted-average remaining vesting term (in years)		2.5		3.0
Intrinsic value of unvested shares at year end	$	62	$	60

Orchid Island Capital

In October 2012, Orchid adopted the 2012 Equity Incentive Plan (the “2012 Plan”) to recruit and retain employees, directors and other service providers, including employees of Bimini Capital and other affiliates. The 2012 Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The 2012 Plan is administered by the Compensation Committee of Orchid’s Board of Directors except that Orchid’s full Board of Directors will administer awards made to directors who are not employees of Orchid or its affiliates. The 2012 Plan provides for awards of up to an aggregate of 10% of the issued and outstanding shares of Orchid’s common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregate 4,000,000 shares of Orchid common stock that may be issued under the Incentive Plan. The activity related to the 2012 Plan is included in the consolidated statements of operations, equity, and cash flows of the Company for the year ended December 31, 2014.

Restricted Stock Awards

On April 25, 2014, Orchid’s Compensation Committee granted each of its non-employee directors 6,000 shares of restricted common stock subject to a three year vesting schedule whereby 2,000 shares of the award vest on the first, second and third anniversaries of the award date. Directors will have all the rights of a stockholder with respect to the awards, including the right to receive dividends and vote the shares. The awards are subject to forfeiture should the director no longer be a member of the Board of Directors of Orchid to the respective vesting dates. The table below presents information related to the Orchid’s restricted common stock for the year ended December 31, 2014.

($ in thousands, except per share data)
			Weighted
			Average
			Grant Date
	Shares		Fair Value
Granted	24,000		12.23
Unvested, end of period	24,000	$	12.23
Compensation expense during period		$	65

Stock Awards

Orchid has issued immediately vested common stock under the 2012 Plan to certain executive officers and directors. The following table presents information related to fully vested Orchid common stock issued during the year ended December 31, 2014.

($ in thousands, except per share data)

Fully vested shares granted

Weighted average grant date price

Compensation expense related to fully vested common share awards