Restricted Stock Unearned Compensation

9 Months Ended

Sep. 30, 2011

Restricted Stock Unearned Compensation [Abstract]

Restricted Stock Unearned Compensation

(15)  Restricted Stock – Unearned Compensation

In April 2004, the stockholders of Colony Bankcorp, Inc. adopted a restricted stock grant plan which awards certain executive officers common shares of the Company.  The maximum number of shares which may be subject to restricted stock awards (split-adjusted) is 143,500.  To date, 53,256 shares have been issued under this plan and since the plan's inception 14,798 shares have been forfeited, thus remaining shares which may be subject to restricted stock awards are 105,042, at September 30, 2011.  During 2011, there has not been any shares of restricted stock issued and 700 shares have been forfeited.  The shares are recorded at fair market value (on the date granted) as a separate component of stockholders' equity.  The cost of these shares is being amortized against earnings using the straight-line method over three years (the restriction period).