Stock incentive plan
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 8 – Stock incentive plan
 
The Village Bank and Trust Financial Corp. Incentive Plan, which was adopted on February 28, 2006, authorized the issuance of up to 48,750 shares of common stock (after the reverse stock split) (the “2006 Plan”). On May 26, 2015, the Company’s shareholders approved the adoption of the Village Bank and Trust Financial Corp. 2015 Stock Incentive Plan (the “2015 Plan”) authorizing the issuance of up to 60,000 shares of common stock. The 2015 Plan was adopted to replace the 2006 Plan and any new awards will be made pursuant to the 2015 Plan. The prior awards made under the 2006 Plan were unchanged by the adoption of the 2015 Plan and continue to be governed by the terms of the 2006 Plan.
 
The following table summarizes stock options outstanding under the stock incentive plan at the indicated dates:
 
 
 
Three Months Ended March 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
Exercise
 
Fair Value
 
Intrinsic
 
 
 
Exercise
 
Fair Value
 
Intrinsic
 
 
 
Options
 
Price
 
Per Share
 
Value
 
Options
 
Price
 
Per Share
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, beginning of period
 
 
2,929
 
$
24.47
 
$
12.71
 
 
 
 
 
6,830
 
$
92.34
 
$
52.74
 
 
 
 
Granted
 
 
-
 
 
-
 
 
-
 
 
 
 
 
-
 
 
-
 
 
-
 
 
 
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
 
 
 
-
 
 
-
 
 
-
 
 
 
 
Exercised
 
 
-
 
 
-
 
 
-
 
 
 
 
 
-
 
 
-
 
 
-
 
 
 
 
Options outstanding, end of period
 
 
2,929
 
$
24.47
 
$
12.71
 
$
-
 
 
6,830
 
$
92.34
 
$
52.74
 
$
-
 
Options exercisable, end of period
 
 
1,730
 
 
 
 
 
 
 
 
 
 
 
5,286
 
 
 
 
 
 
 
 
 
 
 
During the third quarter of 2015, we granted certain officers 40,675 restricted shares of common stock with a weighted average fair market value of $19.72 at the date of grant. These restricted stock awards have three-year grading vesting. Prior to vesting, these shares are subject to forfeiture to us without consideration upon termination of employment under certain circumstances. The total number of shares underlying non-vested restricted stock was 47,348 and 14,096 at March 31, 2016 and 2015, respectively.
 
The fair value of the stock is calculated under the same methodology as stock options and the expense is recognized over the vesting period. Unamortized stock-based compensation related to nonvested share based compensation arrangements granted under the stock incentive plan as of March 31, 2016 and 2015, was $841,163 and $403,046, respectively. The time based unamortized compensation of $428,743 is expected to be recognized over a weighted average period of 2.09 years.
 
Stock-based compensation expense was approximately $167,000 and $80,000 for the three months ended March 31, 2016 and 2015, respectively.