Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company has granted options to purchase its common stock and or stock grants to certain employees and directors of the Company and its affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates other than by retirement or death. These options generally vest over five years. All option plans contain anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization.

The Company’s stock-based compensation expense was $176,000 and $301,000 for the three months ended March 31, 2015 and 2014, respectively. The decrease of stock-based compensation expense in 2015 as compared to 2014 is primarily related to the accelerated vesting of awards to retirement eligible recipients that occurred in 2014.

Qualified Options

Following is a summary of activity in the Incentive Stock Option Plans for the period indicated:



For three months ended March 31, 2015
	Shares
Outstanding at beginning of year	301,800
Granted	—
Exercised	(12,900	)
Canceled	(1,500	)
Outstanding at March 31, 2015	287,400
Exercisable at March 31, 2015	159,550
Available for grant at March 31, 2015	30,450

Non-qualified Options

Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated:



For three months ended March 31, 2015
	Shares
Outstanding at beginning of year	132,100
Granted	—
Exercised	(1,600	)
Canceled	—
Outstanding at March 31, 2015	130,500
Exercisable at March 31, 2015	69,500
Available for grant at March 31, 2015	258,526

Restricted Stock

Following is a summary of activity in the Restricted Stock for the periods indicated:



For three months ended March 31, 2015
	Shares
Outstanding at beginning of year	12,043
Granted	—
Vested	—
Forfeited or Canceled	—
Outstanding at March 31, 2015	12,043

- 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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