Note 5 - Benefit Plans

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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 2015 Annual Report.     

The following tables below summarize transactions under the Company’s equity plans for the nine months ended September 30, 2016:

Stock Options
	Number of shares
	Incentive Stock Option			Non- Incentive Stock Option			Weighted Average Exercise Price
Balance outstanding as of January 1, 2016		91,500			57,500		$	19.58
Granted		-			-			-
Exercised		(11,500	)		(5,000	)		5.20
Forfeited		(15,000	)		-			28.11
Balance outstanding as of September 30, 2016		65,000			52,500		$	20.51
Options exercisable as of September 30, 2016		65,000			52,500		$	20.51

The total intrinsic value of stock options exercised for the nine months ended September 30, 2016 was $169,103. The total intrinsic value of outstanding stock options (including exercisable) was $438,800 at September 30, 2016. 

Restricted Stock
	Number of Shares			Weighted Average Grant- Date Fair Value
Balance of shares non-vested as of January 1, 2016		43,477		$	12.75
Granted		24,679			15.01
Vested		(7,201	)		13.13
Forfeited		-			-
Balance of shares non-vested as of September 30, 2016		60,955		$	13.62

In February 2016, the Company granted 9,336 shares of restricted stock to directors pursuant to the 2015 Equity Plan of which 1,167 were immediately vested (and expensed in full) and 8,169 have a cliff vesting at the end of one year, and thus, expensed over that same period. These shares had a grant date market price of $15.00 per share. The total amount expensed for restricted stock grant to directors (including all previous years grants) during the nine months ended September 30, 2016 was $97,776.

For the nine months ended September 30, 2016, the Company granted 15,343 shares of restricted stock to officers that have a cliff vesting at the end of three years. The 2016 grants had 14,593 shares with a grant date market price of $15.00 and 750 shares with a grant date market price of $15.34. The expense is being recognized over the applicable vesting period. The total amount of expense for restricted stock grants to officers (including all previous years grants) during the nine months ended September 30, 2016 was $216,079.

Total stock-based compensation expense recognized for the three months ended September 30, 2016 was $100,594. Total stock-based compensation expense recognized for the nine months ended September 30, 2016 was $313,855. As of September 30, 2016, there was $377,515 of unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the remaining vesting period.