Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

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

At the 2010 Annual Meeting, shareholders approved the 2010 Equity Incentive Plan (the "2010 Plan"). This reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees and non-employee Directors and promote the success of our business. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2010 Plan will qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2010 Plan will qualify as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and will satisfy NASDAQ guidelines relating to equity compensation.

As of March 31, 2018, 144,355 shares of restricted stock had been granted under the 2010 Plan, of which 67,689 shares remain restricted as of March 31, 2018 as detailed in the following table:



Year Granted	Vesting Term (In Years)	Shares	Remaining Term (In Years)
2014	5.0	10,422	0.9
2015	5.0	12,023	1.9
2016	5.0	15,015	2.8
2017	3.0	4,902	1.9
2017	5.0	9,972	3.8
2018	1.0	300	0.9
2018	2.0	932	1.8
2018	3.0	2,400	2.9
2018	4.0	2,068	3.8
2018	5.0	9,655	4.8
		67,689	2.6

The compensation cost related to these restricted stock grants is $1,489,000 and is recognized over the vesting terms of each grant. In the three months ended March 31, 2018, $95,000 of expense was recognized for these restricted shares, leaving $964,000 in unrecognized expense as of March 31, 2018. In the three months ended March 31, 2017, $83,000 of expense was recognized for restricted shares, leaving $911,000 in unrecognized expense as of March 31, 2017.