Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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

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

15.  Share-Based Compensation

The Company accounts for all share-based payments to employees and directors, including grants of employee stock options, at fair value and expenses the benefit in the Consolidated Statements of Operations over the service period (generally the vesting period).  The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes pricing valuation model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and estimated forfeiture rate.

The Company has two stock option plans.  As of December 31, 2015, 200,000 shares of Common Stock were available for grant under the 2012 Long-Term Incentive Plan; and 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan.

Changes in the stock option plans are as follows:

				Weighted  Average  Exercise Price
	Number of Shares
	Authorized	Granted	Available
Balance January 1,  2014	200,860	60	200,800	$19.58
Authorized	-	-	-
Expired	(20)	(20)	-
Granted	-	-	-	-
Balance December 31, 2014	200,840	40	200,800	16.25
Authorized	-	-	-
Expired	(40)	(40)	-
Granted	-	-	-
Balance December 31, 2015	200,800	-	200,800

Under the 2012 Long-Term Incentive Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  Exercise periods are for ten years from date of grant and terminate at a stipulated period of time after an employee’s termination of employment.  At December 31, 2015, no options were outstanding or exercisable.  During 2015 and 2014, no options were granted or exercised.

Under the Non-Employee Director Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  No option may be exercised prior to one year after date of grant and the optionee must be a director of the Company at time of exercise, except in certain cases as permitted by the Compensation Committee.  Exercise periods are for six years from date of grant and terminate at a stipulated period of time after an optionee ceases to be a director.  At December 31, 2015, there were no outstanding options to purchase shares.

The outstanding stock options at December 31, 2014 had no intrinsic value.

As of December 31, 2015, there was no unrecognized compensation cost related to non-vested options granted under the Plans.