Restricted Stock

9 Months Ended

Sep. 30, 2016

Restricted Stock [Abstract]

Restricted Stock

(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 $480 and $440 for the 2015 and 2016 annual periods presented, respectively.  The table below provides detail of the stock issuances for 2015 and 2016:

					Value
					Per Share
Effective	Number of Shares		Vesting	Service	on Grant
Date	Issued		Date	Period	Date
5/12/2015		21,252	5/12/2016	7/1/2015 - 6/30/2016	$	22.59
5/10/2016		17,677	5/10/2017	7/1/2016 - 6/30/2017	$	24.89

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

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

Effective February 5, 2016, the Company issued 47,333 shares of class B restricted stock to certain of the Company's executives under the Company's existing equity plan.  The restricted shares will be paid solely in the Company's class B common 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 Accounting Standard Codification ("ASC") 715, Compensation—Retirement Benefits.  The restricted shares were valued based on the closing price of the Company's class B common 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.