11) 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 nine months ended September 30, 2016, the Company granted 300,500 shares of nonqualified stock options and 85,024 shares of restricted stock. There were 597,009 shares available for the issuance of equity awards under the 2013 Plan as of September 30, 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
Granted		300,500		$	10.36
Exercised		(118,885	)	$	6.49
Forfeited or expired		(184,520	)	$	20.08

Outstanding at September 30, 2016		1,772,122		$	9.86		6.1	$	4,560,918


Vested or expected to vest		1,683,516					6.1	$	4,332,872


Exercisable at September 30, 2016		1,199,679					4.9	$	3,691,857

As of September 30, 2016, there was $1,627,000 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 2.70 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
Granted		85,024		$	10.34
Vested		(29,714	)	$	10.48
Forfeited or expired		(2,652	)	$	9.36

Nonvested shares at September 30, 2016		220,263		$	9.64

As of September 30, 2016, there was $1,742,000 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 2.69 years.