XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Shareholders' Equity
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Shareholders' Equity
6.
Shareholders’ Equity
                                                                 
        ($000’s omitted except for share data)  
     
Common Stock
                                     
Accumulated
         
     
Number
of shares
issued
     
Amount
     
Capital in
excess of
par value
     
Retained
earnings
     
ESOT
     
Treasury
stock
     
Other
Comprehensive
Loss
     
Total
shareholders’
equity
 
Balance at December 31, 2014
    2,614,506     $ 523     $ 14,068     $ 9,176     $ (964 )   $ (1,909 )   $ (14 )   $ 20,880  
Net income
    -       -       -       2,771       -       -       -       2,771  
Purchase of treasury shares
    -       -       -       -       -       (114 )     -       (114 )
Stock based compensation
    -       -       11       -       -       79       -       90  
Balance at March 31, 2015
    2,614,506     $ 523     $ 14,079     $ 11,947     $ (964 )   $ (1,944 )   $ (14 )   $ 23,627  
 
The Company’s Board of Directors authorized the purchase of up to 450,000 shares of its common stock in the open market or in privately negotiated transactions. As of March 31, 2015, the Company has purchased 331,970 shares and there remain 118,030 shares available to purchase under this program. There were no shares purchased by the Company during the three month period ended March 31, 2015.
 
On April 18, 2013, the Company issued 165,000 shares of restricted stock to Executive Officers of the Company under the Company’s 2012 Long-Term Incentive Plan that was approved by the shareholders at the 2012 Annual Meeting of Shareholders. This plan authorizes the issuance of up to 300,000 shares. The restricted share awards vest over four year periods between January 2014 and January 2017; however, have voting rights and accrue dividends prior to vesting. The aggregate amount of expense to the Company, measured based on grant date fair value is expected to be $1,336,500 and will be recognized over the four year requisite service period. Included in the three months ended March 31, 2015 and 2014 is approximately $90,000, respectively, of compensation expense related to the restrictive share awards.
 
On January 1, 2015, 41,250 shares of restricted stock vested of which 17,435 shares were withheld and repurchased by the Company for approximately $114,000 to satisfy statutory minimum withholding tax requirements for those participants who elected this option as permitted under the Company’s 2012 Long-Term Incentive Plan.
 
Earnings Per Share
 
Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on the earnings per share that were outstanding for the period. Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise. The dilutive effect of unvested restrictive stock is determined using the treasury stock method.
 
   
Three Months Ended
March 31,
 
   
2015
   
2014
 
   
($000’s omitted except per share data)
 
                 
Net income (loss)
  $ 2,771     $ (145 )
Weighted average common shares outstanding (basic)
    2,179       2,143  
Incremental shares from assumed conversions of stock options
     -        -  
Unvested restricted stock
    82       124  
Weighted average common Shares outstanding (diluted)
     2,261        2,267  
Basic
               
Net income (loss) per share
  $ 1.27     $ (0.07 )
Diluted
               
Net income (loss) per share
  $ 1.23     $ (0.06 )