Share-Based Compensation Plan

3 Months Ended

Mar. 31, 2016

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

The Company sponsors one share-based compensation plan, the 2006 Equity Compensation Plan, which provides for the granting of stock options, stock appreciation rights, stock awards, performance share awards, incentive awards, and stock units. The 2006 Equity Compensation Plan was approved by the Company’s shareholders at the Annual Meeting held on April 26, 2006, and has succeeded the Company’s 1997 Stock Incentive Plan. Under the plan, the Company may grant share-based compensation to its directors, officers, employees, and other persons the Company determines have contributed to the profits or growth of the Company. The number of shares reserved for issuance total 430,000 shares.

For the three months ended March 31, 2016 and 2015, the Company recorded $189,000 and $130,000, respectively, in share-based compensation expense. As of March 31, 2016, there was $2.4 million of total unrecognized compensation expense related to non-vested restricted awards under the 2006 Equity Compensation Plan. For the three months ended March 31, 2016, the Company recorded no compensation expense related to option awards. As of March 31, 2016 all outstanding option awards were previously vested and, accordingly, there was no unrecognized compensation expense as of March 31, 2016.

The aggregate intrinsic value, noted in the option table below, represents the amount by which the current market value of the underlying stock exceeds the exercise price as of March 31, 2016. Given there is no exercise price for restricted stock, the aggregate value is equal to the current market value of the stock. These amounts change based on changes in the market value of the Company’s common stock.

The following table summarizes restricted stock awarded under the 2006 Equity Compensation Plan:



	March 31, 2016
	Shares		Weighted-Average Grant Date Fair Value		Aggregate Value (in thousands)
Non-vested at December 31, 2015	153,399		$	17.17
Granted	53,500		20.76
Vested	(29,125	)	16.17
Forfeited	—		—
Non-vested at March 31, 2016	177,774		$	18.41	$	3,840

The weighted-average remaining contractual term for non-vested restricted stock awards at March 31, 2016, was 3.03 years.

The following table summarizes options outstanding under the 2006 Equity Compensation Plan and remaining outstanding unexercised options under the 1997 Stock Incentive Plan.



	March 31, 2016
	Shares	Weighted-Average Exercise Price		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2015	30,012	$	14.00	$	—
Granted	—	—		—
Exercised	—	—		—
Forfeited	—	—		—
Outstanding at March 31, 2016	30,012	$	14.00	$	228
Options exercisable at March 31, 2016	30,012	$	14.00	$	228

As of March 31, 2016, options outstanding and exercisable are summarized as follows:



Exercise Prices		Options Outstanding	Weighted-Average Remaining Contractual Life (years)	Options Exercisable
$	14.00	25,012	2.95	25,012
$	14.00	5,000	3.59	5,000
$	14.00	30,012	3.06	30,012