Note 10 - Share-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.    Share-Based Compensation

The total compensation expense recognized for share-based compensation was $30,000 and $106,000 for the three months ended September 30, 2014 and 2013, respectively, and $241,000 and $319,000 for the nine months ended September 30, 2014 and 2013, respectively. There was no tax benefit or expense related thereto for each period presented. Recognized stock compensation was reduced for estimated forfeitures prior to vesting primarily based on historical annual forfeiture rates of approximately 2.6% and 2.9%, as of September 30, 2014 and 2013, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. Executive officers and management were awarded incentive bonuses totaling $218,000 and $133,100 in February 2014 and 2013, respectively, based on meeting certain performance metrics included in the Company’s Executive and Key Management Compensation Plan. In accordance with the plan, the incentive award was paid through issuance of 35,917 and 33,187 shares of common stock in February 2014 and 2013, respectively.

Stock Options

A summary of stock option award activity as of and for the nine months ended September 30, 2014 is as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Weighted Average Remaining  Contractual Term (years)		$	Aggregate Intrinsic Value (000)(1)
Outstanding at December 31, 2013		60,000	$	19.63
Forfeited or cancelled		—	$	—	$	—
Outstanding at September 30, 2014		60,000	$	19.63	$	7.33		2.7	$	—
Exercisable at September 30, 2014		60,000	$	19.63	$	7.33		2.7	$	—
Expected to vest at September 30, 2014 (2)		—	$	—	$	—		—	$	—

(1)	For in-the-money options
(2)	Options expected to vest reflect estimated forfeitures

There were no stock options granted or exercised during the nine months ended September 30, 2014 or 2013. The fair values of shares vested were $12,000 for the nine months ended September 30, 2014 and 2013. As of September 30, 2014, there was no unamortized compensation expense for awards granted under the stock option plans that are expected to be recognized over a weighted average period of one year.

Restricted Stock

During the nine months ended September 30, 2014, 38,643 shares of restricted stock vested as directors’ and management service requirements were met.

A summary of the activity for nonvested restricted stock awards as of and for the nine months ended September 30, 2014 is as follows:

	Shares			Weighted Average Grant-Date Fair Value
Nonvested balance at December 31, 2013		31,795		$	5.79
Granted		14,896		$	8.06
Vested		(38,643	)	$	4.22
Forfeited or Cancelled		(600	)	$	7.25
Nonvested balance at September 30, 2014		7,448		$	8.06