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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2013
Stock-Based Compensation  
Stock-Based Compensation

Note 14 – Stock-Based Compensation

In 2008, we adopted the 2008 Long-Term Incentive Plan ("2008 LTIP"), which was approved by the stockholders. The 2008 LTIP replaced the Company's 1996 Long-Term Incentive Plan ("1996 LTIP") and 1996 Stock Option Plan ("Stock Option Plan"), which have expired and are no longer effective except as to outstanding awards. The 2008 LTIP permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards to the Company's non-employee directors and certain officers and employees for up to 2,000,000 shares of common stock. Option awards are generally granted with an exercise price equal to the market price of the Company's common stock at the date of grant; those option awards have vesting periods ranging from immediate vesting to 5 years and have 10-year contractual terms.

The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the Company's common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.

There were no options granted during 2013 and 2012. The Company recorded $45 thousand and $81 thousand of stock-based compensation expense for 2013 and 2012, respectively.

A summary of the activity in the plans for 2013 follows:

 
   1996 and 2008 LTIP   Stock Option Plan   Total  
 
   Number
Outstanding		   Weighted
Average
Exercise
Price		   Number
Outstanding		   Weighted
Average
Exercise
Price		   Number
Outstanding		   Weighted
Average
Exercise
Price		  

Outstanding at January 1, 2013

     173,750   $ 6.19     1,428   $ 10.49     175,178   $ 6.23  

Forfeited or expired

     (80,000 )   7.65     (1,428 )   10.49     (81,428 )   7.70  
                                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 31, 2013

     93,750   $ 4.94     -   $ -     93,750   $ 4.94  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Vested or expected to vest

     93,750   $ 4.94     -   $ -     93,750   $ 4.94  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Exercisable at December 31, 2013

     78,750   $ 4.94     -   $ -     78,750   $ 4.94  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

At December 31, 2013, options outstanding and options exercisable had a weighted average remaining contractual term of 5.1 years. Options outstanding and options exercisable had no intrinsic value at December 31, 2013.

There were no options exercised during 2013 and 2012. Unrecognized compensation cost related to nonvested stock options granted under the plans totaled $11 thousand as of December 31, 2013. The cost is expected to be recognized over a period of 3 months.