Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016	2015
Risk free interest rate (5 year Treasury)	1.94%	1.52% - 1.68%
Expected dividend yield	0%	0%
Expected term (years)	5	5
Expected volatility	24.5% - 40.1%	40.6% - 47.1%

Summary of Stock Option Activity

Stock option plan activity for 2016 and 2015 is summarized below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (1)
Options outstanding, January 1, 2015		190,419		$	7.02		6.2
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
Granted		29,500			7.24
Forfeited		(13,787	)		5.90
Exercised		—			—
Expired		(8,598	)		12.84
Options outstanding, December 31, 2016		218,300		$	6.35		5.9	$	378,288
Options exercisable, December 31, 2016		218,300		$	6.35		5.9	$	378,288

(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount