Restricted Stock

3 Months Ended

Mar. 31, 2017

Restricted Stock [Abstract]

Restricted Stock

(9) 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 grants is recognized over the period in which the directors render services.

Effective February 8, 2017, the Company awarded 20,181 shares of Class B restricted stock to certain of the Company's executives under the company's Restricted Stock Compensation Plan.  The restricted shares represent a portion of the calendar year 2016 compensation to certain executives under the terms of the Company's Executive Incentive Bonus Plan.  The restricted shares will vest over a three-year period from the date of grant and will be distributed solely in the Company's Class B common stock.  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 $23.80 per share, representing a total value of $480.  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.