Note 16 - Stock Incentive Plan
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

16.              Stock Incentive Plan


In May 2010, the Company’s stockholders approved the Company’s 2010 Stock Incentive Plan (the “2010 Plan”), with such stockholder action resulting in the termination of the Company’s 2005 Stock Incentive Plan (the “2005 Plan”). The terms of the 2010 Plan are substantially the same as the 2005 Plan. Pursuant to the 2010 Plan, eligible employees, officers and directors of the Company have the opportunity to acquire the Company's common stock through the award of restricted stock and other equity awards under the 2010 Plan. The maximum number of shares that may be issued under the 2010 Plan is 1,190,000.


Of the common stock authorized at December 31, 2013 and 2012, 995,029 shares and 1,094,414 shares, respectively, were reserved for issuance under the Company’s 2010 Stock Incentive Plan. At December 31, 2013 and 2012, there were 94,873 and 31,580 shares of unvested restricted stock outstanding under the 2010 Plan. The Company’s directors have been issued 83,311 and 59,311 shares under the 2010 Plan as of December 31, 2013 and 2012, respectively. The Company’s officers have been issued 111,660 and 36,275 shares under the 2010 Plan as of December 31, 2013 and 2012, respectively.


During the years ended December 31, 2013, 2012 and 2011, the Company recognized non-cash compensation expense of $0.2 million, $0.1 million and $0.1 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. In general, non-vested restricted stock is forfeited upon the recipient's termination of employment. There were no forfeitures during the years ended December 31, 2013, 2012 and 2011.


A summary of the activity of the Company's non-vested restricted stock under the 2010 Plan for the years ended December 31, 2013, 2012 and 2011, respectively, is presented below:


   

2013

   

2012

   

2011

 
   

Number of

Non-vested

Restricted

Shares

   

Weighted

Average Per Share

Grant Date

Fair Value (1)

   

Number of

Non-vested

Restricted

Shares

   

Weighted

Average Per Share

Grant Date

Fair Value (1)

   

Number of

Non-vested

Restricted

Shares

   

Weighted

Average Per Share

Grant Date

Fair Value (1)

 

Non-vested shares at January 1

    31,580     $ 6.58       14,084     $ 7.10       28,999     $ 5.43  

Granted

    75,385       7.13       22,191       6.36       14,084       7.10  

Forfeited

    —       —       —       —       —       —  

Vested

    (12,092

)

    6.65       (4,695

)

    7.10       (28,999

)

    5.43  

Non-vested shares as of December 31

    94,873     $ 7.01       31,580     $ 6.58       14,084     $ 7.10  

Weighted-average restricted stock granted during the period

    75,385     $ 7.13       22,191     $ 6.36       14,084     $ 7.10  

 

(1)

The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.


At each of December 31, 2013 and 2012, the Company had unrecognized compensation expense of $0.4 million and $0.1 million, respectively, related to the non-vested shares of restricted common stock under the 2010 Plan. The unrecognized compensation expense at December 31, 2013 is expected to be recognized over a weighted average period of 2.0 years. The total fair value of restricted shares vested during the years ended December 31, 2013, 2012 and 2011 was $86,000, $33,000 and $0.2 million, respectively. The requisite service period for restricted shares at issuance is three years.