12) Equity Plan

The Company maintained an Amended and Restated 2004 Equity Plan (the "2004 Plan") for directors, officers, and key employees. The 2004 Plan was terminated on May 23, 2013. On May 23, 2013, the Company's shareholders approved the 2013 Equity Incentive Plan (the "2013 Plan"). The equity plans provide for the grant of incentive and nonqualified stock options and restricted stock. The equity plans provide that the option price for both incentive and nonqualified 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. Restricted stock is subject to time vesting. For the three months ended March 31, 2016, the Company did not grant shares of nonqualified stock options and restricted stock. There were 940,985 shares available for the issuance of equity awards under the 2013 Plan as of March 31, 2016.

Stock option activity under the equity plans 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, 2016		1,775,027		$	10.62
Exercised		(57,441	)	$	6.24
Forfeited or expired		(12,000	)	$	22.78

Outstanding at March 31, 2016		1,705,586		$	10.68		5.6	$	3,622,227


Vested or expected to vest		1,620,307					5.6	$	3,441,116


Exercisable at March 31, 2016		1,255,734					4.6	$	2,878,696

As of March 31, 2016, there was $1,597,000 of total unrecognized compensation cost related to nonvested stock options granted under the equity plans. That cost is expected to be recognized over a weighted-average period of approximately 2.31 years.

Restricted stock activity under the equity plans is as follows:

Total Restricted Stock Award	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2016		167,605		$	9.28
Vested		(5,000	)	$	8.30

Nonvested shares at March 31, 2016		162,605		$	9.31

As of March 31, 2016, there was $1,255,000 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the equity plans. The cost is expected to be recognized over a weighted-average period of approximately 2.92 years.