Equity Plan

3 Months Ended

Mar. 31, 2013

Equity Plan

Equity Plan

10) Equity Plan

        The Company has an Amended and Restated 2004 Equity Plan (the "Equity Plan") for directors, officers, and key employees. The Equity Plan provides for the grant of incentive and non-qualified stock options and restricted stock. The Equity Plan provides that the option price for both incentive and non-qualified stock options will be determined by the Board of Directors at no less than the fair value at the date of grant. Options granted vest on a schedule determined by the Board of Directors at the time of grant. Generally, options vest over four years. All options expire no later than ten years from the date of grant. As of March 31, 2013, there are 349,071 shares available for future grants under the Equity Plan.

        Stock option activity under the Equity Plan is as follows:

Total Stock Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2013		1,314,347		$	12.90
Granted		15,000		$	6.51
Exercised		(1,221	)	$	3.57
Forfeited or expired		(4,159	)	$	4.96
Outstanding at March 31, 2013		1,323,967		$	12.80		5.6	$	794,000
Vested or expected to vest		1,257,769					5.6	$	755,000
Exercisable at March 31, 2013		1,011,067					4.6	$	484,000

        As of March 31, 2013, there was $1,066,000 of total unrecognized compensation cost related to nonvested stock options granted under the Equity Plan. That cost is expected to be recognized over a weighted-average period of approximately 2.79 years.

        Restricted stock activity under the Equity Plan is as follows:

Total Restricted Stock Award	Number of Shares		Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2013		88,000	$	5.74
Granted		10,000	$	6.51
Vested		—	$	—
Forfeited		—	$	—
Nonvested shares at March 31, 2013		98,000	$	5.82

        As of March 31, 2013, there was $266,000 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the Equity Plan. The cost is expected to be recognized over a weighted-average period of approximately 11 months.