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Stock incentive plan
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 14.
Stock incentive plan
 
In accordance with accounting standards the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost is recognized over the period during which an employee is required to provide service in exchange for the award rather than disclosed in the financial statements.
 
The following table summarizes options outstanding under the stock incentive plan at the indicated dates:
 
 
Year Ended December 31,
 
 
2015
 
2014
 
 
 
 
Weighted
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
Exercise
 
Fair Value
 
Intrinsic
 
 
Exercise
 
Fair Value
 
Intrinsic
 
 
Options
 
Price
 
Per Share
 
Value
 
Options
 
Price
 
Per Share
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, beginning of period
 
6,830
 
$
92.34
 
$
52.74
 
 
 
 
 
6,210
 
$
99.03
 
$
64.96
 
 
 
 
Granted
 
-
 
 
-
 
 
-
 
 
 
 
 
884
 
 
25.28
 
 
15.52
 
 
 
 
Forfeited
 
(3,901)
 
 
168.79
 
 
95.85
 
 
 
 
 
(264)
 
 
25.28
 
 
80.33
 
 
 
 
Exercised
 
-
 
 
-
 
 
-
 
 
 
 
 
-
 
 
-
 
 
-
 
 
 
 
Options outstanding, end of period
 
2,929
 
$
24.47
 
$
12.71
 
$
-
 
 
6,830
 
$
92.34
 
$
57.97
 
$
-
 
Options exercisable, end of period
 
1,730
 
 
 
 
 
 
 
 
 
 
 
5,318
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
Exercise
 
Fair Value
 
Intrinsic
 
 
Options
 
Price
 
Per Share
 
Value
 
 
 
 
 
 
 
 
 
 
Options outstanding, beginning of period
 
15,977
 
$
155.36
 
$
74.40
 
 
 
 
Granted
 
1,760
 
 
25.28
 
 
9.76
 
 
 
 
Forfeited
 
(11,527)
 
 
123.20
 
 
79.84
 
 
 
 
Exercised
 
-
 
 
-
 
 
-
 
 
 
 
Options outstanding, end of period
 
6,210
 
$
99.03
 
$
64.96
 
$
-
 
Options exercisable, end of period
 
4,607
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes information about stock options outstanding at December 31, 2015:
 
 
 
Outstanding
 
Exercisable
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
Remaining
 
Weighted
 
 
Weighted
 
 
 
 
 
Years of
 
Average
 
 
Average
 
Range of
 
Number of
 
Contractual
 
Exercise
 
Number of
 
Exercise
 
Exercise Prices
 
Options
 
Life
 
Price
 
Options
 
Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$16.00-$25.76
 
 
2,929
 
 
28.70
 
$
24.47
 
 
1,730
 
$
23.75
 
 
During the third quarter of 2015, we granted certain officers 40,675 restricted shares of common stock with a weighted average fair market value of $19.72 at the date of grant. During the first and third quarters of 2014, we granted certain officers 4,423, 6,278 and 1,625 restricted shares of common stock with a weighted average fair market value of $21.28, $27.04 and $27.69 at the date of grant, respectively. These restricted stock awards have three-year graded vesting. Prior to vesting, these shares are subject to forfeiture to us without consideration upon termination of employment under certain circumstances. The total number of shares underlying non-vested restricted stock was 43,405 and 11,767 at December 31, 2015 and 2014, respectively.
 
The fair value of the stock is calculated under the same methodology as stock options and the expense is recognized over the vesting period. Unamortized stock-based compensation related to non-vested share based compensation arrangements granted under the Incentive Plan as of December 31, 2015 and 2014 was $514,000 and $329,000, respectively. The time based unamortized compensation of $514,000 is expected to be recognized over a weighted average period of 2.27 years. There were no forfeitures of restricted stock awards in 2015 and 2014.
 
A summary of changes in the Company’s nonvested restricted stock awards for the year follows:
 
 
 
 
Weighted-
 
 
 
 
 
 
Average
 
Aggregate
 
 
 
 
Grant-Date
 
Intrinsic
 
 
Shares
 
Fair-Value
 
Value
 
 
 
 
 
 
 
 
December 31, 2014
 
14,084
 
$
25.41
 
$
267,596
 
Granted
 
40,675
 
 
19.72
 
 
772,825
 
Vested
 
(11,354)
 
 
15.99
 
 
(215,726)
 
Forfeited
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
43,405
 
$
22.54
 
$
824,695
 
 
Stock-based compensation expense was $262,000, $131,000, and $11,000 for the years ended December 31, 2015, 2014, and 2013, respectively.