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EQUITY INCENTIVE PLANS
 3 Months Ended
Mar. 31, 2017
Equity Incentive Plans  
Equity Incentive Plans

(9)Equity Incentive Plans

 

At March 31, 2017, 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 for the year ended December 31, 2016.

 

The following tables present the activity for the 2009 and 2014 Equity Plans as of and for the three months ended March 31, 2017.

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

 

2017

 

 

    

 

 

    

Weighted 

 

 

 

 

 

 

Average 

 

 

 

Number of 

 

Exercise

 

 

 

Shares

 

Price

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

122,775

 

$

15.49

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

 

122,775

 

$

15.49

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

 

74,477

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate intrinsic value of outstanding options at end of period

 

$

1,278,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

Number

    

Weighted-Average

 

    

Weighted

    

Number

    

Weighted

 

Outstanding

 

Remaining

 

 

Average

 

Exercisable

 

Average

 

as of 3/31/2017

 

Contractual Life

 

 

Exercise Price

 

as of 3/31/2017

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,712

 

2.90

Years

 

$
9.33

 

8,712

 

$
9.33

 

9,683

 

3.90

Years

 

$
9.55

 

9,683

 

$
9.55

 

8,570

 

4.90

Years

 

$
9.58

 

8,570

 

$
9.58

 

15,200

 

5.90

Years

 

$
14.00

 

12,850

 

$
14.00

 

17,110

 

6.90

Years

 

$
14.98

 

12,446

 

$
14.98

 

30,000

 

7.90

Years

 

$
17.55

 

14,400

 

$
17.55

 

33,500

 

8.90

Years

 

$
19.40

 

7,816

 

$
19.40

 

122,775

 

6.91

Years

 

$
15.49

 

74,477

 

$
13.78

 

 

 

 

 

 

 

 

 

 

 

Non-vested

 

    

Restricted Stock

 

 

2017

 

    

 

    

Weighted 

 

 

 

 

Average 

 

 

Number of 

 

Grant Date 

 

 

Shares

 

Value

 

 

 

 

 

 

Outstanding at beginning of year

 

46,449

 

$

17.00

Vested

 

(16,373)

 

$

15.99

 

 

 

 

 

 

Outstanding at end of period

 

30,076

 

$

17.56

 

 

As of March 31, 2017, unrecognized share-based compensation expense related to non-vested options amounted to $278,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $511,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3.0 and 2.8 years, respectively.

 

For the three months ended March 31, 2017, the Company recognized compensation expense for stock options of $31,000 with a related tax benefit of $4,000. The related tax benefit applies only to non-qualified stock options.  For the three months ended March 31, 2017, the Company recognized compensation expense for restricted stock awards of $63,000 with a related tax benefit of $25,000.

 

The Company declared a quarterly cash dividend of $0.05 per share of common stock on April 24, 2017.  The dividend will be paid on or about May 22, 2017, to stockholders of record as of the close of business on May 8, 2017.