STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company has stock-based incentive arrangements to attract and retain key personnel. In May 2015, the 2015 Equity Compensation Plan (the “Plan”) was approved by shareholders, which authorizes the issuance of restricted stock, stock appreciation rights, stock units and stock options to the Board of Directors and key employees. Compensation expense for service-based awards is recognized over the vesting period. Performance-based awards are recognized based on a vesting schedule and the probability of achieving goals specified at the time of the grant. The Plan replaced the 2005 Equity Compensation Plan.

Stock-based compensation expense totaled $76,000 and $77,000 for the three months ended March 31, 2020 and 2019, respectively. Stock-based compensation expense consisted of the vesting of grants of restricted stock. The Company has not granted any stock options since 2007 and all outstanding options expired on July 17, 2017.

The Company granted restricted stock in accordance with the Plan. The vesting period for outstanding restricted stock grants is between three and five years. As of March 31, 2020, and December 31, 2019, unrecognized stock compensation expense was $522,000 and $304,000, respectively. The following tables summarize the nonvested restricted stock awards outstanding at March 31, 2020 and December 31, 2019, respectively.

	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020	14,440	$	25.79
Granted	9,065	33.42
Vested	(4,639)	33.66
Cancelled	(292)	32.84
Nonvested at March 31, 2020	18,574	$	33.18

	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019	25,473	$	28.76
Granted	6,524	31.82
Vested	(17,557)	25.83
Cancelled	—	—
Nonvested at December 31, 2019	14,440	$	25.79