Stock Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

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 no additional service time based or performance based shares granted under the Plan during the three month period ended March 31, 2017 as detailed in the table below.  The actual number of performance based stock awards issued will depend on certain performance conditions which are mainly average return on equity compared to a group of peer companies over a three year vesting period.

The restricted stock awards were granted with a fair value price equal to the market price of the Company’s common stock at the date of the grant.  Expense recognized for the Plan was $180 thousand and $201 thousand for the three month periods ended March 31, 2017 and 2016, respectively.  As of March 31, 2017, there was $2.2 million of total unrecognized compensation expense related to the nonvested shares granted under the Plan.  The remaining cost is expected to be recognized over 1.8 years.  

The following is the activity under the Plan during the three month period ended March 31, 2017.

	Three Months Ended March 31, 2017
	Maximum Awarded Units			Weighted Average GrantDateFair Value
Beginning unvested units		499,390		$	8.30
Granted		0			0
Vested		(18,928	)		7.00
Forfeited		0			0
Ending unvested units		480,462		$	8.35