Stock Based Compensation

6 Months Ended

Jun. 30, 2020

Stock Based Compensation

Stock Based Compensation

(10) Stock Based Compensation

The Company currently has two stock plans that allow for the issuance of stock based compensation, the Allegheny Valley Bancorp, Inc. 2011 Stock Incentive Plan (the “2011 Plan”) and the Standard Financial Corp. 2012 Equity Incentive Plan (the “2012 Plan”). On February 5, 2020, 3,058 shares of restricted stock were awarded to directors out of the 2011 Plan.  The awards vest on December 31, 2020 and the related compensation expense is being recognized using the straight line method over the 11 month vesting period.  On March 10, 2020, 3,295 shares of restricted stock were awarded to employees out of the 2011 Plan.  The awards become 1/3 vested annually on the grant date for each of the next 3 years and the related compensation expense is being recognized using the straight line method over the vesting period.  On February 26, 2019, 1,820 shares of restricted stock were awarded to directors out of the 2011 Plan.  The awards vested quarterly through December 31, 2019 and the related compensation expense was recognized using the straight line method over the 11 month vesting period. On March 12, 2019, 2,727 shares of restricted stock were awarded to employees out of the 2011 Plan.  The awards vest over 34 months and the related compensation expense is being recognized using the straight line method over the vesting period.  At June 30, 2020, there were 66,235 and 101,144 shares available to be issued under the 2011 Plan and the 2012 Plan, respectively.

The following table summarizes transactions regarding restricted stock under the Plans:

			Weighted
			Average
	Number of		Grant Date
	Restricted		Price Per
	Shares		Share
Non-vested shares at December 31, 2019		1,944	$	28.90
Granted		6,353		28.25
Vested		—		—
Forfeited		—		—
Non-vested shares at June 30, 2020		8,297	$	28.40

For the three and six months ended June 30, 2020, there was $41,000 and $68,000 of compensation expense recorded on restricted stock grants.  For the three and six months ended June 30, 2019, there was $23,000 and $36,000 of compensation expense recorded on restricted stock grants. As of June 30, 2020, there was $170,000 of unrecognized compensation expense that will be recognized over the remaining vesting periods.

The following table summarizes transactions regarding the stock options under the Plans:

		Weighted		Weighted
		Average		Average
		Exercise		Remaining
	Options	Price		Contractual Term
Outstanding at December 31, 2019	247,781	$	17.07	2.47
Granted	—		—
Exercised	(14,442)		17.90
Forfeited	—		—
Outstanding at June 30, 2020	233,339	$	17.02	2.10
Exercisable at June 30, 2020	233,339	$	17.02

For both the three and six months ended June 30, 2020 and June 30, 2019, there was no compensation expense related to stock options. As of June 30, 2020, all outstanding stock options were fully vested and there was no unrecognized compensation expense.