Note 14 - Stock Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

14. STOCK BASED COMPENSATION

2011 Omnibus Incentive Plan— The 2011 Omnibus Incentive Plan (the “2011 Plan”), became effective May 3, 2011, after approval by the Company’s stockholders on April 29, 2011. The objectives of the 2011 Plan are to optimize the profitability and growth of the Company through incentives that are consistent with the Company’s goals and that link the personal interests of participants to those of the Company’s stockholders. The 2011 Plan provides for a committee of the Company’s Board of Directors to award nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, and other awards representing up to 2,144,743 shares of Company stock (adjusted for the 11% stock dividend in 2014). Awards may be granted under the 2011 Plan up to ten years following the effective date of the plan. Each award under the 2011 Plan is governed by the terms of the individual award agreement, which shall specify pricing, term, vesting, and other pertinent provisions. Shares issued in connection with stock compensation awards are issued from available authorized shares.

Stock Options. Option awards are generally granted with an exercise price equal to the fair market value of the Company’s stock at the date of grant, generally vest based on five years of continuous service and have seven year contractual terms. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected volatilities are based on implied volatilities from historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise, employee termination, and expected term of the options within the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of the stock option activity in the Company’s 2011 Plan for the years ended December 31, 2014 and 2013, adjusted for the 11% stock dividend in 2014, is presented below:

	Shares Underlying Awards			Weighted Average Exercise Price
Outstanding—January 1, 2013		248,324		$	6.65
Granted		--		$	--
Forfeited		(6,662	)	$	6.67
Outstanding—December 31, 2013		241,662		$	6.66
Granted		--		$	--
Exercised		(3,997	)	$	6.57
Forfeited		(3,663	)	$	6.57
Outstanding—December 31, 2014		234,002		$	6.66
Exercisable—December 31, 2014		94,983		$	6.04

The weighted average remaining contractual life of the outstanding options was 4.0 years and the aggregate intrinsic value of the options was approximately $1.0 million at December 31, 2014. The weighted average remaining contractual life of options exercisable was 3.7 years and the aggregate intrinsic value of the options was approximately $470,000 at December 31, 2014. None of the outstanding options were exercisable at December 31, 2013.

As of December 31, 2014, there was $295,000 of total unrecognized compensation costs related to nonvested stock options under the 2011 Plan. The cost is expected to be recognized over a weighted-average period of 2.1 years. Compensation expense attributable to option awards totaled approximately $149,000 and $146,000 for the years ended December 31, 2014 and 2013, respectively.   

Restricted Stock Units. The fair value of each restricted stock unit (“RSU”) award is determined based on the closing market price of the Company’s stock on the grant date and amortized to compensation expense on a straight-line basis over the vesting period. The vesting periods range from three to seven years.

A summary of the restricted stock unit activity in the Company’s 2011 Plan for the year ended December 31, 2014 and 2013, adjusted for the 11% stock dividend, is presented below:

	Restricted Stock Units			Weighted Average Grant Date Fair Value
Outstanding—January 1, 2013		--		$	--
Granted		72,758		$	8.07
Forfeited		--		$	--
Outstanding—December 31, 2013		72,758		$	8.07
Granted		144,523		$	7.38
Vested		(8,114	)	$	8.48
Forfeited		(5,370	)	$	7.60
Outstanding—December 31, 2014		203,797		$	7.58

As of December 31, 2014, there was $1.2 million of total unrecognized compensation costs related to nonvested RSUs under the 2011 Plan. The cost is expected to be recognized over a weighted-average period of 3.9 years. Compensation expense attributable to awards of RSUs totaled approximately $329,000 and $97,000 for the years ended December 31, 2014 and 2013, respectively.