SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2018

The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted in the years ended December 31:


		2018		2017
Assumptions:
Risk-free interest rate		1.94	%	2.25	%
Expected dividend yield		2.22	%	3.74	%
Expected volatility of Rocky's common stock		41.69	%	35.33	%
Expected option term (years)		6.5		6.5
Weighted-average grant date fair value per share	$	6.94	$	2.94

Schedule of Share Based Compensation Expense and Related Tax Benefit

For the years ended 2018 and 2017, we recognized share-based compensation expense and the corresponding tax benefit as follows:


($ in thousands)		2018		2017
Share-based compensation expense	$	588	$	146
Tax benefit		102		22

Summary of Stock Option Activity

The following summarizes stock option activity for the year ended December 31, 2018:


($ amounts are per share)	Shares		Weighted Average Exercise Price	Weighted Average Remaining Actual Term		Aggregate Intrinsic Value
Options outstanding at January 1, 2018	89,300	$	$12.09
Issued	76,500		18.88
Exercised	(10,500)		12.88
Forfeited or expired	(5,550)		13.05
Options outstanding at December 31, 2018	149,750	$	15.50	6.7	$	-
Expected to vest	88,050	$	15.15	8.3	$	-
Exercisable at December 31, 2018	61,700	$	16.01	4.4	$	-

Summary of Restricted Stock Units and Performance Share Units

The following table summarizes the status of the Company’s restricted stock units and performance share units and activity as of December 31, 2018:


	Restricted Stock Units			Performance Share Units
($ amounts are per share)	Quantity		Weighted-Average Grant Date Fair Value Per Share	Quantity		Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2018	11,937	$	12.47	24,000	$	11.30
Granted	-		-	-		-
Vested	(5,187)		12.98	-		-
Forfeited	-		-	(24,000)		11.30
Nonvested at December 31, 2018	6,750	$	11.93	-	$	-