XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Note 6 - Stock Compensation Plan
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
6.
Stock Compensation Plan
 
In
April 2014,
the Corporation adopted the
2014
Stock Incentive Plan (the Plan), which was approved by shareholders and permits the grant of restricted stock awards and options to its directors, officers and employees for up to
176,866
shares of common stock. As of
June 30, 2020
,
19,833
 shares of restricted stock and
88,433
stock options remain available for issuance under the Plan.
 
Incentive stock options, non-incentive or compensatory stock options and share awards
may
be granted under the Plan. The exercise price of each option shall at least equal the market price of a share of common stock on the date of grant and have a contractual term of
ten
years. Options shall vest and become exercisable at the rate, to the extent and subject to such limitations as
may
be specified by the Corporation. Compensation cost related to share-based payment transactions must be recognized in the financial statements with measurement based upon the fair value of the equity instruments issued.
 
At
June 30, 2020
, there were 
no
options that were granted or outstanding under the Plan.
 
A summary of the status of the Corporation's nonvested restricted stock awards as of
June 30, 2020
, and changes during the period then ended is presented below:
 
   
Shares
  
Weighted-Average Grant-date Fair Value
Nonvested at January 1, 2020
    
44,450
 
   $
31.11
 
Granted
    
—
 
    
—
 
Vested
    
—
 
    
—
 
Forfeited
    
—
 
    
—
 
Nonvested as of June 30, 2020
    
44,450
 
   $
31.11
 
 
For the
three
and
six
month periods ended
June 30, 2020
, the Corporation recognized stock compensation expense of
$112,000
 and
$224,000,
respectively, compared to
$90,000
and
$180,000,
respectively, for the same periods in
2019.
  As of
June 30, 2020
, there was
$727,000
of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over the next
three
years. It is the Corporation's policy to issue shares on the vesting date for restricted stock awards. Unvested restricted stock awards do
not
receive dividends declared by the Corporation.