Note 16 - Stock Incentive Plan

9 Months Ended

Sep. 30, 2014

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

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

16.              Stock Incentive Plan

Pursuant to the 2010 Plan Stock Incentive Plan as approved by the Company’s stockholders, eligible employees, officers and directors of the Company have the opportunity to acquire the Company's common stock through the award of restricted stock and other equity awards under the 2010 Plan. The maximum number of shares that may be issued under the 2010 Plan is 1,190,000.

Of the common stock authorized at September 30, 2014 and December 31, 2013, 862,512 shares and 995,029 shares, respectively, were reserved for issuance under the Company’s 2010 Stock Incentive Plan. At September 30, 2014 and December 31, 2013, there were 162,171 and 94,873 shares of unvested restricted stock outstanding under the 2010 Plan. The Company’s directors have been issued 111,311 and 83,311 shares under the 2010 Plan as of September 30, 2014 and December 31, 2013, respectively. The Company’s officers have been issued 216,177 and 111,660 shares under the 2010 Plan as of September 30, 2014 and December 31, 2013, respectively.

During the three and nine months ended September 30, 2014, the Company recognized non-cash compensation expense of $0.1 million and $0.3 million, respectively. During the three and nine months ended September 30, 2013, the Company recognized non-cash compensation expense of $0.1 million and $0.2 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient's termination of employment. There were no forfeitures during the nine months ended September 30, 2014 and 2013.

A summary of the activity of the Company's non-vested restricted stock under the 2010 Plan for the nine months ended September 30, 2014 and 2013, respectively, are presented below:

	2014					2013
	Number of Non-vested Restricted Shares			Weighted Average Per Share Grant Date Fair Value (1)		Number of Non-vested Restricted Shares			Weighted Average Per Share Grant Date Fair Value (1)
Non-vested shares at January 1		94,873		$	7.01		31,580		$	6.58
Granted		104,517			7.39		75,385			7.13
Vested		(37,219	)		6.97		(12,091	)		6.65
Non-vested shares as of September 30		162,171		$	7.26		94,874		$	7.01
Weighted-average fair value of restricted stock granted during the period		104,517		$	7.39		75,385		$	7.13

⁽¹⁾ The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

At September 30, 2014 and 2013, the Company had unrecognized compensation expense of $0.9 million and $0.5 million, respectively, related to the non-vested shares of restricted common stock under the 2010 Plan. The unrecognized compensation expense at September 30, 2014 is expected to be recognized over a weighted average period of 2.0 years. The total fair value of restricted shares vested during the nine months ended September 30, 2014 and 2013 was approximately $0.3 million and $0.1 million, respectively. The requisite service period for restricted shares at issuance is three years.