Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

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

Stock-Based Compensation

Note 5 – Stock-Based Compensation

The Company’s 2006 Long Term Incentive Plan provides for the issuance of restricted stock awards to officers and directors. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date.

On March 19, 2014, the Compensation Committee of the Company approved grants of 63,000 shares to certain of its directors and executive officers. The fair value of the stock was determined using the closing price on date of grant. The shares vest in equal one-third increments on each of February 1, 2015; February 1, 2016; and February 1, 2017. For the six months ended June 30, 2016 and 2015, the Company recognized $233 in compensation expense related to the restricted stock awards.

A summary of changes in the Company’s nonvested shares for the six month period ended June 30, 2016 is as follows:

				Weighted Avg
	Number of			Grant-Date
	Shares			Fair Value
Nonvested at January 1, 2016		42,000		$	21.60
Granted		-			-
Vested		(21,000	)		21.60
Forfeited		-			-
Nonvested at June 30, 2016		21,000		$	21.60

As of June 30, 2016, there was $272 of total unrecognized compensation cost related to nonvested shares granted under the Plan. This cost is being recognized over a period of seven months.

The total fair value of shares vested during the six month period ended June 30, 2016 was $693 based on the market price as of the vesting date.