Stock Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation:

During 2012, the Company, with the approval of shareholders, created the 2012 Equity Incentive Plan (the “Plan”). The Plan permits the award of up to 500 thousand shares to the Company’s directors and employees to promote the Company’s long-term financial success by motivating performance through long-term incentive compensation and to better align the interests of its employees with those of its shareholders. There were 80,918 additional net shares awarded under the Plan during February 2015. Expense recognized for the Plan was $58 thousand for the three month period ended March 31, 2015. As of March 31, 2015, there was $803 thousand of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.9 years. There were 46,957 shares awarded and $29 thousand of expense recognized for the Plan for the three month period ended March 31, 2014.

The following is the activity under the Plan during the three months ended March 31, 2015:

	Restricted Stock Units
	Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2015		46,957		$	7.39
Granted		85,918			7.88
Vested		0			0
Forfeited		(5,000	)		7.88
Nonvested at March 31, 2015		127,875		$	7.70

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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