Note 17 - Equity-Based Compensation

6 Months Ended

Jun. 30, 2015

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

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

17.     Equity-Based Compensation

1997 Stock Compensation Plan

The following table summarizes stock option activity for the Company’s 1997 Stock Compensation Plan (the “1997 Plan”) at the dates and for the periods indicated.

	Stock options outstanding			Weighted-average exercise price
Outstanding, December 31, 2014		2,950		$	109.80
Expired		(250	)		106.40
Outstanding, June 30, 2015		2,700			110.12

The following table summarizes information regarding stock options under the 1997 Plan that were outstanding and exercisable at June 30, 2015.

Weighted-average exercise price		Number of stock options outstanding and exercisable		Weighted-average remaining contractual life (years)
$	109.20		2,500		0.93
	121.60		200		1.55
Total			2,700		0.97

At June 30, 2015 and December 31, 2014, the fair value of the Company’s common stock did not exceed the exercise price of any options outstanding and exercisable under the 1997 Plan and, therefore, the stock options had no intrinsic value.

2008 Restricted Stock Plan

The weighted-average grant date fair value per share of shares granted under the Company’s 2008 Restricted Stock Plan (“the 2008 Plan”) net of forfeitures was $27.62 at both June 30, 2015 and December 31, 2014. There were no grants or forfeitures of restricted stock under the 2008 Plan during the six months ended June 30, 2015. There were 116 shares available for issuance under the 2008 Plan at June 30, 2015.

Of the 62,384 net restricted stock awards granted under the 2008 Plan, the following table summarizes vesting status and activity at the dates and for the period indicated.

	Unvested			Vested		Total granted, net of forfeitures
Balance, December 31, 2014		6,064			56,320		62,384
Vested		(3,048	)		3,048		-
Balance, June 30, 2015		3,016			59,368		62,384

Unvested shares at June 30, 2015 are scheduled to vest through 2016 in accordance with the terms of the individual awards, subject to prior events such as termination of employment or a change of control causing forfeiture of the awards or acceleration of vesting.

2011 Stock Incentive Plan

The following table summarizes stock option and restricted stock information for the Company’s 2011 Stock Incentive Plan (the “2011 Plan”) at the dates and for the periods indicated.

	Total stock options and restricted stock granted, net of forfeitures		Stock options outstanding		Weighted-average exercise price per share		Shares of restricted stock granted, net of forfeitures		Weighted-average grant date fair value per share
Balance, December 31, 2014		545,984		402,001	$	10.90		132,733	$	11.42
Granted		4,186		-		-		4,186		16.70
Balance, June 30, 2015		550,170		402,001		10.90		136,919		11.58
Total shares available for grant under the 2011 Plan		700,000
Remaining shares available for grant, June 30, 2015		149,830

During the six months ended June 30, 2015, 4,186 shares of restricted stock with a total grant date fair value of $70 thousand were granted to the non-management members of the Board of Directors as compensation for their annual Board retainers.

The following table summarizes the activity of restricted stock under the 2011 Plan at the dates and for the period indicated.

	Unvested			Vested		Total granted, net of forfeitures
Balance, December 31, 2014		92,834			39,899		132,733
Granted		4,186			-		4,186
Vested		(39,631	)		39,631		-
Balance, June 30, 2015		57,389			79,530		136,919

Unvested shares at June 30, 2015 are scheduled to vest through 2019 in accordance with the terms of the individual awards, subject to prior events such as termination of employment or a change of control causing forfeiture of the awards or acceleration of vesting.

The weighted-average grant date fair value of restricted stock awards that vested during the six months ended June 30, 2015 was $11.19 per share. The value of shares vested during the six months ended June 30, 2015 based on vesting date fair value totaled $729 thousand.

The following table summarizes information regarding stock options under the 2011 Plan that were outstanding and exercisable at June 30, 2015.

		Options outstanding						Options exercisable
Weighted-average exercise price		Number of stock options		Weighted-average remaining contractual life (years)		Value of outstanding in-the-money stock options		Number of stock options		Weighted-average remaining contractual life (years)		Value of exercisable in-the-money stock options
$	10.40		312,501		5.88	$	2,928,134		208,334		5.88	$	1,952,090
	11.00		59,500		6.05		521,815		34,583		6.05		303,293
	12.96		4,000		8.64		27,240		1,333		8.64		9,078
	16.43		26,000		9.47		86,840		-		-		-
Total			402,001		6.17	$	3,564,029		244,250		5.92	$	2,264,460

Unvested options at June 30, 2015 are scheduled to vest through 2019 in accordance with the terms of the individual awards, subject to prior events such as termination of employment or a change of control causing forfeiture of the awards or acceleration of vesting.

Compensation Expense Relating to Equity-Based Compensation

The following table summarizes compensation expense for the 1997 Plan, 2008 Plan and 2011 Plan charged against pretax income for the periods indicated (in thousands).

	For the three months ended June 30,				For the six months ended June 30,
	2015		2014		2015		2014
Compensation expense
1997 Plan	$	-	$	-	$	-	$	-
2008 Plan		9		31		20		62
2011 Plan		111		154		291		375
Total equity-based compensation expense	$	120	$	185	$	311	$	437
Income tax benefit	$	45	$	68	$	115	$	161

At June 30, 2015, the total unrecognized compensation expense related to unvested equity awards granted under the 2008 Plan and the 2011 Plan was $28 thousand and $688 thousand, respectively. This expense is scheduled to be recognized through 2016 under the 2008 Plan and 2019 under the 2011 Plan in accordance with the terms of the individual awards.