Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015	2014
Risk free interest rate (5 year Treasury)	1.52% - 1.68%	1.74%
Expected dividend yield	0%	0%
Expected term (years)	5	5
Expected volatility	40.6% - 47.1%	51.4%

Summary of Stock Option Activity

Stock option plan activity for 2015 and 2014 is summarized below:

						Weighted Average
				Weighted Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Life (in years)		Value (1)
Options outstanding, January 1, 2014		191,002		$	7.35		6.8
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
Granted		28,500			5.65
Forfeited		—			—
Exercised		—			—
Expired		(7,734	)		14.43
Options outstanding, December 31, 2015		211,185		$	6.57		6.0	$	81,248
Options exercisable, December 31, 2015		211,185		$	6.57		6.0	$	81,248

(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, 2015 and 2014. This amount changes based on changes in the market value of the Company’s common stock.