Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

12.	Stock-Based Compensation

On May 2, 2016, the Company's stockholders approved The York Water Company Long-Term Incentive Plan, or LTIP. The LTIP was adopted to provide the incentive of long-term stock-based awards to officers, directors and key employees. The LTIP provides for the granting of nonqualified stock options, incentive stock options, stock appreciation rights, performance restricted stock grants and units, restricted stock grants and units, and unrestricted stock grants. A maximum of 100,000 shares of common stock may be issued under the LTIP over the ten-year life of the plan. The maximum number of shares of common stock subject to awards that may be granted to any participant in any one calendar year is 2,000. Shares of common stock issued under the LTIP may be treasury shares or authorized but unissued shares. The LTIP will be administered by the Compensation Committee of the Board, or the full Board, provided that the full Board will administer the LTIP as it relates to awards to non-employee directors of the Company. The Company filed a registration statement with the Securities and Exchange Commission on May 11, 2016 covering the offering of stock under the LTIP. The LTIP was effective on July 1, 2016.

No long-term stock-based awards were granted under the LTIP during the three months ended March 31, 2018 or 2017. No previously issued restricted stock awards vested or were forfeited during the three months ended March 31, 2018 or 2017. For the three months ended March 31, 2018 and 2017, the statement of income includes stock-based compensation of $4 and $2, respectively and related recognized tax benefits of $1 in each period. Total stock-based compensation related to nonvested awards not yet recognized is $31 which will be recognized over the remainder of the three year vesting period.