Restricted Stock

3 Months Ended

Mar. 31, 2016

(8) Restricted Stock:

The Company grants shares of class B restricted stock to the Company's outside directors, in lieu of cash, as their annual retainer compensation. The shares are distributed on the vesting date, one year following the date of grant, and have had an aggregate total value of $440 and $480 for the 2014 and 2015 annual periods presented, respectively. The table below provides detail of the stock issuances for 2014 and 2015:




Effective Date	Number of Shares Issued		Vesting Date	Service Period	Value Per Share on Grant Date

5/8/2014		17,237	5/8/2015	7/1/2014 - 6/30/2015	$	25.53

5/12/2015		21,252	5/12/2016	7/1/2015 - 6/30/2016	$	22.59

Compensation expense related to the above stock grant is recognized over the period in which the directors render services.

Effective February 5, 2016, the Company issued 47,333 shares of class B restricted stock to certain of the Company's executives. The restricted shares will be paid solely in the Company's class B stock. The restricted shares represent a portion of the calendar year 2015 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan. The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients in accordance with the non-substantive post-grant date vesting clause of ASC 715, Compensation-Retirement Benefits. Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.30 per share representing a total value of $1,103. Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability or retirement as defined by the Compensation Committee.