Stock Based Compensation

12 Months Ended

Dec. 31, 2014

Stock Based Compensation [Abstract]

Stock Based Compensation

NOTE 19           Stock Based Compensation

PSB granted shares of restricted stock to certain employees having a market value of $200, $210, and $200, during 2014, 2013, and 2012, respectively. The restricted shares vest to employees based on continued PSB service over a six-year period and are recognized as compensation expense over the vesting period. Cash dividends are paid on unvested shares at the same time and amount as paid to PSB common shareholders. Cash dividends paid on unvested restricted stock shares are charged to retained earnings since significantly all restricted shares are expected to vest to employees. As of December 31, 2014, 31,362 shares of restricted stock are outstanding that remained unvested. Unvested shares are subject to forfeiture upon employee termination.

The following table summarizes information regarding unvested restricted stock and shares outstanding during the three years ended December 31, 2014, 2013, and 2012.

	Unvested			Weighted Average
	Shares			Grant Value
January 1, 2012		25,572			17.79
Restricted shares granted		8,895			22.48
Restricted shares vested		(4,058	)		(16.08	)
December 31, 2012		30,409			19.39
Restricted shares granted		8,076			26.00
Restricted shares vested		(5,883	)		(17.85	)
December 31, 2013		32,602			21.30
Restricted shares granted		6,400			31.25
Restricted shares vested		(7,640	)		(18.91	)
December 31, 2014		31,362		$	23.92

During 2014, total compensation expense of $166 (before tax benefits of $65) was recorded from amortization of restricted shares expected to vest. During 2013, total compensation expense of $145 (before tax benefits of $57) was recorded from amortization of restricted shares expected to vest. During 2012, total compensation expense of $105 (before tax benefits of $41) was recorded from amortization of restricted shares expected to vest. Future projected compensation expense (before tax benefits) assuming all restricted shares eventually vest to employees would be as follows:

2015	$	157
2016		162
2017		122
2018		82
2019		40
Total	$	563

Under the terms of an incentive stock option plan adopted during 2001, shares of unissued common stock were reserved for options to officers and key employees at prices not less than the fair market value of the shares at the date of the grant. The last outstanding option shares were exercised during 2012. No stock option plan expense was recorded in 2012. The following table summarizes information regarding stock option activity during the year ended December 31, 2012.

				Weighted
				Average
	Shares			Price
January 1, 2012		588		$	16.03
Options granted		0			0.00
Options exercised		(588	)		(16.03	)
Option forfeited		0			0.00
December 31, 2012		0		$	0.00