Equity Incentive Plan

3 Months Ended

Mar. 31, 2016

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

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

Note 10 – Equity Incentive Plan 

The Company estimates the fair value of restricted stock grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period.

As of March 31, 2016, there was $6.6 million of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.7 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 stock 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.

Restricted stock activity is summarized as follows:

			Weighted Average
	Shares		Grant Date
	Outstanding		Fair Value
Unvested restricted stock at December 31, 2015		212,943	$	29.07
Restricted stock granted		83,458	$	36.65
Restricted stock vested		(68,324)	$	26.89
Restricted stock forfeited		-	$	-
Unvested restricted stock at March 31, 2016		228,077	$	32.50