Equity Incentive Plan

12 Months Ended

Dec. 31, 2014

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

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

Note 11 – Equity Incentive Plan

In 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), which replaced a stock incentive plan established in 1994. The 2005 Plan authorized the issuance of a maximum of 1,000,000 shares of common stock.

In 2014, the Company’s stockholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”), which replaced the 2005 Plan. The 2014 Plan authorizes the issuance of a maximum of 700,000 shares of common stock.

No options were granted during 2014, 2013 or 2012.

Restricted common stock has been granted to certain employees under both the 2005 Plan and the 2014 Plan. As of December 31, 2014, there was $4,319,000 of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.0 years. The Company used 0% for both the discount factor and forfeiture rate for determining the fair value of restricted stock. The Company has deemed historical forfeitures insignificant and does not consider discount rates to be material.

The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company granted 81,082, 87,950, and 94,850 shares of restricted stock in 2014, 2013, and 2012, respectively to employees and sub-contractors under the 2005 Plan and 2,128 shares of restricted stock in 2014 under the 2014 Plan. The restricted shares vest over a five-year period based on continued service to the Company.

Restricted share activity is summarized as follows:

	Shares Outstanding		Weighted Average Grant Date Fair Value
Unvested restricted stock at December 31, 2011		216,920	$	21.74
Restricted stock granted		94,850	$	24.40
Restricted stock vested		(55,870)	$	21.87
Restricted stock forfeited		(5,720)	$	24.32
Unvested restricted stock at December 31, 2012		250,180	$	22.66
Restricted stock granted		87,950	$	27.70
Restricted stock vested		(73,368)	$	22.50
Restricted stock forfeited		(15,680)	$	25.01
Unvested restricted stock at December 31, 2013		249,082	$	24.33
Restricted stock granted		83,210	$	28.72
Restricted stock vested		(79,588)	$	22.64
Restricted stock forfeited		(14,078)	$	26.03
Unvested restricted stock at December 31, 2014		238,626	$	26.24