Note 5 - Benefit Plans

3 Months Ended

Mar. 31, 2014

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

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

Note 5: Benefit Plans

The Company has stock-based employee compensation plans, which are described in the Company’s December 31, 2013 Annual Report on Form 10-K.     

The table below summarizes transactions under the Company’s stock option plans for three months ended March 31, 2014:

	Number of shares
	Incentive Stock Option			Non- Incentive Stock Option			Weighted Average Exercise Price
Balance outstanding as of January 1, 2014		168,100			121,000		$	16.54
Granted		-			-		$	-
Exercised		(2,800	)		-		$	5.21
Forfeited		-			(21,000	)	$	18.31
Balance outstanding as of March 31, 2014		165,300			100,000		$	16.52
Options exercisable as of March 31, 2014		158,200			90,250		$	17.29

Stock-based compensation expense, consisting of stock options and restricted stock awards, recognized for the three months ended March 31, 2014 and 2013 was $28,787 and $35,782, respectively. As of March 31, 2014, there was $22,406 of unrecognized compensation expense related to nonvested stock options and $248,982 of unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the remaining vesting period.

In February 2014, the Company granted restricted stock to directors pursuant to the 2010 Equity Plan that was fully vested and thus, expensed in full during the three months ended March 31, 2014. The amount expensed was $122,538 for the quarter which represents 11,242 shares of common stock at a market price of $10.90 at the date of grant.

In February 2014, the company granted 21,820 shares of restricted stock to officers that have a cliff vesting at the end of three years. The expense is being recognized over the applicable vesting period. The amount expensed during the first quarter of 2014 was $13,213.