XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Option Plan and Restricted Stock Plan
3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Plan and Restricted Stock Plan

Note 8 - Stock Option Plan and Restricted Stock Plan

The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. Through March 31, 2017, no options have been granted in 2017 or 2016. The Company recorded stock option expense totaling $215,000 and $220,000 for the three-month periods ended March 31, 2017 and 2016, respectively. The additional disclosure requirements under authoritative accounting guidance have been omitted due to the amounts being insignificant.

 

On July 21, 2015, 7,070 restricted stock shares were granted to the ten non-employee directors. Total value of these shares totaled $250,000 and was expensed over the period from grant date to April 26, 2016, the annual shareholders’ meeting at which these director’s term expired. On April 26, 2016, upon re-election of existing directors, 7,660 shares with a total value of $250,000 were granted to the ten non-employee directors and is being expensed over the period from grant day to April 25, 2017, the next scheduled annual shareholders’ meeting at which the current directors’ current term will expire. The Company recorded director expense related to these restricted stock grants of $63,000 and $83,000 for the three-month periods ended March 31, 2017 and 2016, respectively.

Subsequent to quarter end, on April 25, 2017, the Company granted 14,650 restricted stock shares to the ten non-employee directors elected at the annual shareholders meeting totaling $600,000 that will be expensed over the period from the grant date to April 24, 2018, the Company’s next shareholders meeting.

On October 27, 2015, the Company granted 31,273 restricted stock shares with a total value of $1,060,000 to certain officers that is being expensed over the vesting period of three years. On October 25, 2016, the Company granted 15,405 restricted stock shares with a total value of $560,000 to certain officers that is being expensed over the vesting period of three years. The Company recorded restricted stock expense for officers of $132,000 and $86,000, respectively, for the three-month periods ended March 31, 2017 and 2016, respectively.