Note 14 - Stock Based Compensation

9 Months Ended

Sep. 30, 2015

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

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

NOTE 14: STOCK BASED COMPENSATION

The Company’s Board of Directors has adopted various stock compensation plans.  The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, and bonus stock awards.  Pursuant to the plans, shares are reserved for future issuance by the Company upon the exercise of stock options or awarding of bonus shares granted to directors, officers and other key employees.

The table below summarizes the transactions under the Company's active stock compensation plans for the nine months ended September 30, 2015:

	Stock Options Outstanding					Non-Vested Stock Awards Outstanding
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Grant-Date Fair-Value
Balance, January 1, 2015		119,690		$	27.72		226,932		$	31.88
Granted		375,255			44,69		95,020			43.47
Stock Options Exercised		(65,418	)		22.37		-			-
Stock Options from Acquisitions		65,850			20.43		-			-
Stock Awards Vested		-			-		(79,607	)		34.37
Forfeited/Expired		(1,450	)		20.60		(14,751	)		20.70
Balance, September 30, 2015		493,927		$	40.30		227,594		$	36.57
Exercisable, September 30, 2015		105,572		$	26.84

The following table summarizes information about stock options under the plans outstanding at September 30, 2015:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Number of Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$15.55	-	$21.29		26,802		5.00	$	19.41		15,202	$	18.60
21.51	-	21.51		2,300		4.30		21.51		2,300		21.51
26.19	-	26.19		26,900		0.62		26.19		26,900		26.19
28.42	-	28.42		30,500		1.60		28.42		30,500		28.42
30.31	-	30.31		30,670		2.61		30.31		30,670		30.31
40.57	-	40.57		48,690		9.25		40.57		-		-
40.72	-	40.72		1,500		9.13		40.72		-		-
44.40	-	44.40		65,005		9.48		44.40		-		-
45.50	-	45.50		258,255		9.86		45.50		-		-
48.13		48.13		3,305		9.96		48.13		-		-
$15.55	-	$48.13		493,927		8.00	$	40.30		105,572	$	26.84

Total stock-based compensation expense was $2,010,000 and $962,000 during the nine months ended September 30, 2015 and 2014, respectively.  Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards.  There was $2,122,000 of unrecognized stock-based compensation expense related to stock options at September 30, 2015. There was no unrecognized stock-based compensation expense related to stock options at September 30, 2014.  

The intrinsic value of stock options outstanding and stock options exercisable at September 30, 2015 was $3,771,000 and $2,227,000.  Intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $47.93 as of September 30, 2015, and the exercise price multiplied by the number of options outstanding and exercisable at a price below that closing price.  The total intrinsic value of stock options exercised during the nine months ended September 30, 2015 and September 30, 2014 was $1,672,000 and $607,000, respectively.

The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. The weighted-average fair value of stock options granted during the nine months ended September 30, 2015 was $7.81 per share. There were no stock options granted during the year ended December 31, 2014. The Company estimated expected market price volatility and expected term of the options based on historical data and other factors. The weighted-average assumptions used to determine the fair value of options granted are detailed in the table below:

	Nine Months Ended September 30, 2015
Expected dividend yield		2.06	%
Expected stock price volatility		16.96	%
Risk-free interest rate		2.17	%
Expected life of options (years)		10