Note 16 - Equity Based Compensation

3 Months Ended

Mar. 31, 2015

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

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

16.     Equity-Based Compensation

1997 Stock Compensation Plan

The following table summarizes stock option activity for the Company’s 1997 Stock Compensation Plan (the “1997 Plan”) at the dates and for the periods indicated.

	Stock options outstanding			Weighted-average exercise price
Outstanding, December 31, 2014		2,950		$	109.80
Expired		(250	)		106.40
Outstanding, March 31, 2015		2,700			110.12

The following table summarizes information regarding stock options under the 1997 Plan that were outstanding and exercisable at March 31, 2015.

Weighted-average exercise price	Number of stock options outstanding and exercisable		Weighted-average remaining contractual life (years)
$109.20		2,500		1.18
121.60		200		1.80
Total		2,700		1.22

At March 31, 2015 and December 31, 2014, the fair value of the Company’s common stock did not exceed the exercise price of any options outstanding and exercisable under the 1997 Plan and, therefore, the stock options had no intrinsic value.

2008 Restricted Stock Plan

The weighted-average grant date fair value per share of granted shares under the Company’s 2008 Restricted Stock Plan (“the 2008 Plan”) net of forfeitures was $27.63 at both March 31, 2015 and December 31, 2014. There were no grants or forfeitures of restricted stock under the 2008 Plan during the three months ended March 31, 2015. There were 114 shares available for issuance under the 2008 Plan at March 31, 2015.

Of the 62,386 net restricted stock awards granted under the 2008 Plan, the following table summarizes vesting status and activity at the dates and for the period indicated.

	Unvested		Vested		Total granted, net of forfeitures
Balance, December 31, 2014		6,064		56,322		62,386
Vested		-		-		-
Balance, March 31, 2015		6,064		56,322		62,386

The shares that remained unvested at March 31, 2015 are expected to vest through 2016.

2011 Stock Incentive Plan

The following table summarizes stock option and restricted stock information for the Company’s 2011 Stock Incentive Plan (the “2011 Plan”) at the dates and for the periods indicated.

	Total shares		Stock options outstanding		Weighted-average exercise price per share		Shares of restricted stock		Weighted-average grant date fair value per share
Balance, December 31, 2014		545,984		402,001	$	10.90		132,733	$	11.42
Granted		4,186		-		-		4,186		16.70
Granted, net of forfeitures, March 31, 2015		550,170						136,919	$	11.58
Outstanding, March 31, 2015				402,001	$	10.90
Total shares available for grant under the 2011 Plan		700,000
Remaining shares available for grant, March 31, 2015		149,830

During the three months ended March 31, 2015, 4,186 shares of restricted stock with a total grant date fair value of $70 thousand were granted to the non-management members of the Board of Directors as compensation for their annual Board retainers.

The following table summarizes the activity of restricted stock under the 2011 Plan at the dates and for the period indicated.

	Unvested			Vested		Total granted, net of forfeitures
Balance, December 31, 2014		92,834			39,899		132,733
Granted		-			4,186		4,186
Vested		(667	)		667		-
Balance, March 31, 2015		92,167			44,752		136,919

The weighted-average grant date fair value of restricted stock awards that vested during the three months ended March 31, 2015 was $12.96 per share. The value of shares vested during the three months ended March 31, 2015 based on vesting date fair value totaled $11 thousand.

The following table summarizes information regarding stock options under the 2011 Plan that were outstanding and exercisable at March 31, 2015.

		Options outstanding						Options exercisable
Weighted-average exercise price		Number of stock options		Weighted-average remaining contractual life (years)		Value of outstanding in-the-money stock options		Number of stock options		Weighted-average remaining contractual life (years)		Value of exercisable in-the-money stock options
$	10.40		312,501		6.13	$	2,687,509		104,167		6.13	$	895,836
	11.00		59,500		6.30		476,000		19,833		6.30		158,664
	12.96		4,000		8.89		24,160		1,333		8.89		8,051
	16.43		26,000		9.72		66,820		-		-		-
Total			402,001		6.42	$	3,254,489		125,333		6.19	$	1,061,551

Compensation Expense Relating to Equity-Based Compensation

The following table summarizes compensation expense for the 1997 Plan, 2008 Plan and the 2011 Plan charged against pretax income for the periods indicated (in thousands).

	For the three months ended March 31,
	2015		2014
Compensation expense
1997 Plan	$	-	$	-
2008 Plan		11		31
2011 Plan		180		221
Total equity-based compensation expense	$	191	$	252
Income tax benefit	$	70	$	93

At March 31, 2015, the total unrecognized pretax compensation expense related to unvested equity awards granted under the 2008 Plan and the 2011 Plan was $38 thousand and $798 thousand, respectively. This expense is expected to be recognized through 2016 under the 2008 Plan and 2019 under the 2011 Plan.