2.4.0.8010970 - Disclosure - Stock Incentive Planstruefalsefalse1false falsefalseFROM_Jan01_2013_TO_Jun30_2013http://www.sec.gov/CIK0001275477duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_EmployeeBenefitsAndShareBasedCompensationAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Employee Benefits And Share Based Compensation [Abstract]2false 2us-gaap_CompensationAndEmployeeBenefitPlansTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00NOTE 8. STOCK INCENTIVE PLANS On December 18, 2003, Bimini Capital adopted the 2003 Long Term Incentive Compensation Plan (the “2003 Plan”) to provide Bimini Capital with the flexibility to use stock options and other awards as part of an overall compensation package to provide a means of performance-based compensation to attract and retain qualified personnel. The 2003 Plan was amended and restated in March 2004. Key employees, directors and consultants are eligible to be granted stock options, restricted stock, phantom shares, dividend equivalent rights and other stock-based awards under the 2003 Plan. Subject to adjustment upon certain corporate transactions or events, a maximum of 1,448,050 shares of the Class A Common Stock (but not more than 10% of the Class A Common Stock outstanding on the date of grant) may be subject to stock options, shares of restricted stock, phantom shares and dividend equivalent rights under the 2003 Plan. On August 12, 2011, Bimini Capital's shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of Bimini Capital and to associate their interest with those of the Company and its stockholders. After the approval of the 2011 Plan, the Board of Directors agreed that it would no longer issue awards under the 2003 Plan. The plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of Common Stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares. In October 2012, Orchid adopted the 2012 Equity Incentive Plan (the “2012 Plan”) to recruit and retain employees, directors and other service providers, including employees of Bimini Capital and other affiliates. The 2012 Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The 2012 Plan is administered by the Compensation Committee of Orchid's Board of Directors except that Orchid's full Board of Directors will administer awards made to directors who are not employees of Orchid or its affiliates. The 2012 Plan provides for awards of up to an aggregate of 10% of the issued and outstanding shares of Orchid's common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregate 4,000,000 shares of Orchid common stock that may be issued under the Incentive Plan. To date, no awards have been made under the Incentive Plan. Phantom share awards represent a right to receive a share of Bimini Capital's Class A Common Stock. These awards do not have an exercise price and are valued at the fair value of Bimini Capital's Class A Common Stock at the date of the grant. The grant date value is amortized to compensation expense on a straight-line basis over the vesting period of the respective award.  The phantom shares vest, based on the employees' continuing employment, following a schedule as provided in the individual grant agreements, which was originally for periods through March 15, 2015. Compensation expense recognized for phantom shares was approximately $41,000 and $20,000 for the six and three months ended June 30, 2013, respectively and $42,000 and $21,000 for the six and three months ended June 30, 2012, respectively. Dividends paid on unsettled awards are charged to stockholders' equity when declared. A summary of phantom share activity during the six months ended June 30, 2013 and 2012 is presented below:<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 360px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:360px;"> </td><td colspan="7" style="width: 360px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:360px;">Six Months Ended June 30,</td></tr><tr style="height: 17px"><td style="width: 360px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:360px;"> </td><td colspan="3" style="width: 171px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:171px;">2013</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td colspan="3" style="width: 171px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:171px;">2012</td></tr><tr style="height: 17px"><td style="width: 360px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:360px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:78px;">Weighted-</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:78px;">Weighted-</td></tr><tr style="height: 17px"><td style="width: 360px; text-align:left;border-color:#000000;min-width:360px;"> </td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:center;border-color:#000000;min-width:78px;">Average</td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:center;border-color:#000000;min-width:78px;">Average</td></tr><tr style="height: 17px"><td style="width: 360px; text-align:left;border-color:#000000;min-width:360px;"> </td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:center;border-color:#000000;min-width:78px;">Grant-Date</td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;"> </td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:center;border-color:#000000;min-width:78px;">Grant-Date</td></tr><tr style="height: 17px"><td style="width: 360px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:360px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;">Shares</td><td style="width: 18px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">Fair Value</td><td style="width: 18px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;">Shares</td><td style="width: 18px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">Fair Value</td></tr><tr style="height: 17px"><td style="width: 360px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:360px;">Nonvested, at January 1</td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"> 367,844</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:18px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"> 1.11</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:75px;"> 367,844</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:18px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"> 1.11</td></tr><tr style="height: 17px"><td style="width: 360px; text-align:left;border-color:#000000;min-width:360px;">Vested during the period</td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> (16,204)</td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"> 0.97</td><td style="width: 18px; text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; text-align:right;border-color:#000000;min-width:75px;"> -</td><td style="width: 18px; text-align:right;border-color:#000000;min-width:18px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"> -</td></tr><tr style="height: 17px"><td style="width: 360px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:360px;">Nonvested, at June 30</td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"> 351,640</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:18px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"> 1.12</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:18px;"> </td><td style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:75px;"> 367,844</td><td style="width: 18px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:18px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"> 1.11</td></tr></table></div>Subsequent to June 30, 2013, the Compensation Committee of the Board of Directors of Bimini Capital approved certain performance bonuses for members of management. These bonuses were awarded in recognition of management's efforts in completing the Orchid initial public offering. The bonuses, which will be paid on or about August 13, 2013 (the “Bonus Date”), consist of cash and fully vested shares of the Company's common stock issued under the 2011 Plan. In particular, (i) executive officers will receive an aggregate of 475,000 shares of the Company's common stock and cash in an amount equal to 35% of the value of such shares and (ii) certain senior employees will receive bonuses totaling approximately $21,000, which they may elect to receive in cash and/or fully vested shares of the Company's common stock. For purposes of these bonuses, shares of the Company's common stock shall be valued based on the closing price of the Company's common stock on the Bonus Date. The Compensation Committee also approved the acceleration of the vesting of all outstanding, unvested equity awards held by management, as well as cash bonuses equal to 35% of the income created by such vesting. The accelerated vesting date is the Bonus Date. Expenses associated with each of the transactions described above will be recorded in the three month period ending September 30, 2013. As of June 30, 2013, there was approximately $116,000 of unrecognized compensation cost related to nonvested phantom share awards. Due to acceleration of vesting described above, this cost will be recognized during the three month period ending September 30, 2013. The intrinsic value of the outstanding phantom shares as of June 30, 2013 and December 31, 2012 is $102,000 and $48,000, respectively. All outstanding unvested awards at June 30, 2013 were granted with dividend participation rights.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.No definition available.false0Stock incentive PlansfalseStock Incentive PlansUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.biminicapital.com/role/DisclosureStockIncentivePlans12