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Stock Based Compensation
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Jun. 30, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8 - Stock Based Compensation The Bancorp’s 2004 Stock Option Plan (the Plan), which is stockholder-approved, permits the grant of share options to its employees for up to 250,000 shares of common stock. Awards granted under the Plan may be in the form of incentive stock options, non-incentive stock options, or restricted stock awards. As required by the Compensation Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the six months ended June 30, 2013, stock based compensation expense of $16 thousand was recorded, compared to $8 thousand for the six months ended June 30, 2012. It is anticipated that current outstanding vested and unvested options and awards will result in additional compensation expense of approximately $21 thousand in 2013 and $35 thousand in 2014. There were no incentive stock options granted during the first six months of 2013 or 2012. When options are granted, the cost is measured at the fair value of the options when granted, and this cost is expensed over the employment service period, which is normally the vesting period of the options or awards. Compensation cost will also be recorded for prior option grants that vest after the date of adoption. A summary of option activity under the Bancorp’s incentive stock option plan for the six months ended June 30, 2013 follows:
There were 6,800 shares of restricted stock granted during the first six months of 2013. No shares of restricted stock were granted during the first six months of 2012. These awards were issued with an award price equal to the market price of the Bancorp’s common stock on the award date and with a five year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. During the first six months of 2013, 100 shares of restricted stock vested. At June 30, 2013, there were 10,100 shares of restricted stock outstanding. |
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