Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value of Options

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

	For the twelve months ended December 31,
	2014			2013
Risk free interest rate (5 year Treasury)		1.74	%		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 plan activity for 2014 and 2013 is summarized below:

				Weighted Average Exercise		Weighted Average Remaining Contractual		Aggregate Intrinsic
	Shares			Price		Life (in years)		Value (1)
Options outstanding, January 1, 2013		120,617		$	9.51		5.4
Granted		89,500			5.25
Forfeited		(11,519	)		9.42
Exercised		—			—
Expired		(7,596	)		13.80
Options outstanding, December 31, 2013		191,002			7.35		6.8	$	14,146
Granted		7,000			5.99
Forfeited		(344	)		5.90
Exercised		—			—
Expired		(7,239	)		14.65
Options outstanding, December 31, 2014		190,419		$	7.02		6.2	$	32,718
Options exercisable, December 31, 2014		190,419		$	7.02		6.2	$	32,718

(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 December 31, 2014. This amount changes based on changes in the market value of the Company’s common stock.