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EQUITY INCENTIVE PLANS
 9 Months Ended
Sep. 30, 2016
Equity Incentive Plans  
Equity Incentive Plans

 

(9)Equity Incentive Plans

 

At September 30, 2016 the Company had two equity incentive plans, the 2009 Equity Plan and the 2014 Equity Plan. Both plans were described more fully in Note 12 of the consolidated financial statements and notes thereto for the year ended December 31, 2015.

 

The following table presents the activity for the 2009 and 2014 Equity Plans for the nine months ended September 30, 2016.

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

 

2016

 

 

    

 

 

    

Weighted 

 

 

 

 

 

 

Average 

 

 

 

Number of 

 

Exercise

 

 

 

Shares

 

Price

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 
89,275

 

$
14.02

 

Granted

 

 
33,500

 

$
19.40

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

 
122,775

 

$
15.49

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

 
51,740

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the period

 

$
6.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

Number

    

Weighted-Average

 

    

Weighted

    

Number

    

Weighted

 

Outstanding

 

Remaining

 

 

Average

 

Exercisable

 

Average

 

as of 9/30/2016

 

Contractual Life

 

 

Exercise Price

 

as of 9/30/2016

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 
8,712

 
3.40

Years

 

$
9.33

 
8,712

 

$
9.33

 
9,683

 
4.40

Years

 

$
9.55

 
9,683

 

$
9.55

 
8,570

 
5.40

Years

 

$
9.58

 
7,359

 

$
9.58

 
15,200

 
6.40

Years

 

$
14.00

 
10,500

 

$
14.00

 
17,110

 
7.40

Years

 

$
14.98

 
8,286

 

$
14.98

 
30,000

 
8.40

Years

 

$
17.55

 
7,200

 

$
17.55

 
33,500

 
9.40

Years

 

$
19.40

 

 —

 

$

 —

 
122,775

 
7.41

Years

 

$
15.49

 
51,740

 

$
12.40

 

 

 

 

 

 

 

 

 

 

 

Non-vested

 

    

Restricted Stock

 

 

2016

 

    

 

    

Weighted 

 

 

 

 

Average 

 

 

Number of 

 

Grant Date 

 

 

Shares

 

Value

 

 

 

 

 

 

Outstanding at beginning of year

 
44,866

 

$
15.21

Granted

 
16,500

 

$
19.40

Vested

 
(14,917)

 

$
14.27

 

 

 

 

 

 

Outstanding at end of period

 
46,449

 

$
17.00

 

 

As of September 30, 2016, unrecognized share-based compensation expense related to non-vested options amounted to $342,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $640,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3.2 years.

 

For the nine months ended September 30, 2016, the Company recognized compensation expense for stock options of $92,000 with a related tax benefit of $12,000. The related tax benefit applies only to non-qualified stock options.  For the nine months ended September 30, 2016, the Company recognized compensation expense for restricted stock awards of $191,000 with a related tax benefit of $76,000.

 

For the nine months ended September 30, 2015, the Company recognized compensation expense for stock options of $66,000 with a related tax benefit of $9,000. The related tax benefit applies only to non-qualified stock options. For the nine months ended September 30, 2015, the Company recognized compensation expense for restricted stock awards of $155,000 with a related tax benefit of $62,000.