ACCOUNTING FOR STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract]

ACCOUNTING FOR STOCK BASED COMPENSATION

7.    ACCOUNTING FOR STOCK BASED COMPENSATION

During the three-month periods ended March 31, 2015 and 2014, the Holding Company and Bank maintained the Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees, the 2004 Stock Incentive Plan and the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (collectively the "Stock Plans"), which are discussed more fully in Note 15 to the Company's audited consolidated financial statements for the year ended December 31, 2014, and which are subject to the accounting requirements of ASC 505-50 and ASC 718.

Stock Option Awards

Combined activity related to stock options granted under the Stock Plans during the periods presented was as follows:

	At or for the Three Months Ended March 31,
	2015	2014
Options outstanding – beginning of period	979,916	1,615,771
Options granted	-	-
Options exercised	(14,776)	(8,480)
Options that expired prior to exercise	(59,360)	(618,895)
Options outstanding – end of period	905,780	988,396
Intrinsic value of options exercised	$84	$5
Compensation expense recognized	23	36
Remaining unrecognized compensation expense	8	105
Intrinsic value of outstanding options at period end	1,459	2,294
Intrinsic value of vested options at period end	1,446	2,177
Weighted average exercise price of vested options – end of period	14.69	14.76

There were no grants of stock options during the three-month periods ended March 31, 2015 and 2014. 

Restricted Stock Awards

The Company, from time to time, issues restricted stock awards to outside directors and certain officers under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan. Typically, awards to outside directors fully vest on the first anniversary of the grant date, while awards to officers vest in equal annual installments over a four-year period.

The following is a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan during the periods indicated:

	At or for the Three Months Ended March 31,
	2015	2014
Unvested allocated shares – beginning of period	289,660	318,314
Shares granted	-	-
Shares vested	(4,050)	-
Shares forfeited	-	(1,261)
Unvested allocated shares – end of period	285,610	317,053
Compensation recorded to expense	$494	$495