NOTE 16 - STOCK BASED COMPENSATION

The Company has two share based compensation plans as described below. Total compensation cost that has been charged against income for those plans was $220 thousand and $175 thousand for 2019 and 2018.

2005 Restricted Stock Grant Plan

Under the Company’s expired 2005 Restricted Stock Grant Plan, total shares issuable under the plan were 100,000. There were no shares issued during 2019 and 2018. There were 90 shares forfeited during 2019 and 178 shares forfeited during 2018. Since the plan has expired, as of December 31, 2019, no additional restricted stock share awards will be issued.

A summary of changes in the Company’s nonvested shares for the year follows:


		Weighted-Average		Fair
		Grant-Date		Value
Nonvested Shares	Shares	Fair Value		Per Share
Nonvested at January 1, 2019	5,924	$	77,404	$	13.07
Vested	(4,254)		(54,566)		12.83
Forfeited	(90)		(1,232)		13.69
Nonvested at December 31, 2019	1,580	$	21,606	$	13.67

Nonvested shares as of December 31, 2009 in the 2005 restricted grant plan will fully vest in January 2020. The total grant-date fair value of shares vested during the years ended December 31, 2019 and 2018 was $55 thousand and $72 thousand.

2009 Stock Award Plan

On May 13, 2009, the Company’s stockholders approved a stock award plan that provides for the granting of both incentive and nonqualified stock options, restricted stock share awards and other share based awards. Total shares issuable under the plan are 300,000. There were 23,380 shares issued during 2019 and 11,440 shares issued during 2018. There were 1,434 shares forfeited during 2019 and 2,226 shares forfeited during 2018. No additional restricted stock share awards will be issued from the 2009 Stock Award Plan.

A summary of changes in the Company’s nonvested shares for the year follows:


		Weighted-Average		Fair
		Grant-Date		Value
Nonvested Shares	Shares	Fair Value		Per Share
Nonvested at January 1, 2019	25,778	$	482,213	$	18.71
Granted	23,380		549,430		23.50
Vested	(9,242)		(175,749)		19.02
Forfeited	(1,434)		(29,960)		20.89
Nonvested at December 31, 2019	38,482	$	825,935	$	21.46

As of December 31, 2019 the total unrecognized compensation cost related to nonvested shares granted under the Plan is expected to be recognized over a weighted-average period of 3.5 years. The total grant-date fair value of shares vested during the years ended December 31, 2019 and 2018 was $176 thousand and $81 thousand.

2019 Stock Award Plan

On May 21, 2019, the Company’s stockholders approved a stock award plan that provides for the granting of both incentive and nonqualified stock options and other share based awards. Total shares issuable under the plan are 300,000. There have been no shares issued from the 2019 Stock Award Plan as of December 31, 2019.