XML 39 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK PLANS (Tables)
 6 Months Ended
Jun. 30, 2017
STOCK PLANS [Abstract]  
Stock Option Activity
The following table presents the activity related to stock options for the three months ended June 30, 2017.

 
 
Number of
Shares
  
Weighted
Average
Exercise Price
 
Aggregate
Intrinsic Value
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Options outstanding at Beginning of  Period
  
250,594
  
$
7.72
     
Granted
  
—
   
—
     
Expired
  
—
   
—
     
Cancelled / Forfeited
  
—
   
—
     
Exercised
  
—
   
—
     
Options outstanding at End of Period
  
250,594
  
$
7.72
  
$
1,063,197
   
7.24
 
Exercisable (vested) at End of Period
  
118,731
  
$
6.03
  
$
705,811
   
5.46
 

The following table presents the activity related to stock options for the six months ended June 30, 2017.

 
 
Number of
Shares
  
Weighted
Average
Exercise Price
 
Aggregate
Intrinsic Value
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Options outstanding at Beginning of  Period
  
227,549
  
$
8.12
     
Granted
  
60,520
  
$
11.54
     
Expired
  
(37,475
)
 
$
16.31
     
Cancelled / Forfeited
  
—
   
—
     
Exercised
  
—
   
—
     
Options outstanding at End of Period
  
250,594
  
$
7.72
  
$
1,063,197
   
7.24
 
Exercisable (vested) at End of Period
  
118,731
  
$
6.03
  
$
705,811
   
5.46
 
Weighted Average Assumptions Used in Valuing Stock Options Granted
A summary of the weighted average assumptions used in valuing stock options during the three and six months ended June 30, 2017 is presented below:

 
Three Months Ended
 June 30, 2017*
 
Six Months Ended
 June 30, 2017
Risk Free Interest Rate
 
—
 
 
1.89%
 
 
 
 
 
 
Expected Dividend Yield
 
—
 
 
0.00%
 
 
 
 
 
 
Expected Life in Years
 
—
 
 
5
 
 
 
 
 
 
Expected Price Volatility
 
—
 
 
22.88%

* There were no stock options granted during the three months ended June 30, 2017.
Activity Related to Restricted Stock
The following table presents the activity related to non-vested restricted stock for the three months ended June 30, 2017.
 
 
 
Number of
Shares
  
Weighted
Average Grant
Date Fair Value
 
Aggregate Intrinsic Value
Weighted Average
Remaining Contractual
Term (in years)
Non-vested Restricted stock outstanding at Beginning of Period
  
108,461
  
$
8.01
 
 
   
Granted
  
—
   
—
 
 
   
Cancelled / Forfeited
  
(1,463
)
 
$
6.92
 
 
   
Exercised/Released/Vested
  
—
   
—
 
 
   
Non-vested restricted stock outstanding at End of Period
  
106,998
  
$
8.03
 
$1,278,626
2.87

The following table presents the activity related to non-vested restricted stock for the six months ended June 30, 2017.

 
 
Number of
Shares
  
Weighted
Average Grant
Date Fair Value
 
Aggregate Intrinsic Value
Weighted Average
Remaining Contractual
Term (in years)
Non-vested Restricted stock outstanding at Beginning of  Period
  
99,184
  
$
6.70
 
 
   
Granted
  
24,617
  
$
11.46
 
 
   
Cancelled / Forfeited
  
(1,463
)
 
$
6.92
 
 
   
Exercised/Released/Vested
  
(15,340
)
 
$
5.08
 
 
   
Non-vested restricted stock outstanding at End of Period
  
106,998
  
$
8.03
 
$1,278,626
2.87
Summary of Weighted Average Assumptions Used in Valuing ESPP
A summary of the weighted average assumptions used in valuing ESPP issuances during the three and six months ended June 30, 2017 is presented below.

 
Three Months Ended
 June 30, 2017
 
Six Months Ended
 June 30, 2017
Risk Free Interest Rate
 
0.85%
 
 
0.85%
 
 
 
 
 
 
Expected Dividend Yield
 
0.00%
 
 
0.00%
 
 
 
 
 
 
Expected Life in Years
 
1.00
 
 
1.00
 
 
 
 
 
 
Expected Price Volatility
 
8.18%
 
 
8.18%