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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value of Options

The variables used in these calculations of the fair value of the options are as follows:

 

     For the six months ended June 30,  
     2014     2013  

Risk free interest rate (5 year Treasury)

     2.70     0.86

Expected dividend yield

     0     3.6

Expected term (years)

     5        5   

Expected volatility

     51.4     33.8
Summary of Stock Option Activity

Stock option activity for the six months ended June 30, 2014 (unaudited) is summarized below:

 

     Shares     Weighted Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Life (in years)
     Aggregate
Intrinsic
Value (1)
 

Options outstanding, January 1, 2014

     191,002      $ 7.35         6.8      

Granted

     7,000        5.99         

Forfeited

     —          —           

Exercised

     —          —           

Expired

     (7,239     14.65         
  

 

 

         

Options outstanding and exercisable, June 30, 2014

     190,763      $ 7.02         6.7       $ 84,644   
  

 

 

   

 

 

       

 

 

 

 

(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2014. This amount changes based on changes in the market value of the Company’s common stock.