Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Benefit Plans [Abstract]

Benefit plans future payments to participants

Future payments to participants are as follows:

(in thousands)
2013	$	227
2014		223
2015		222
2016		216
2017		216
2018 and thereafter		5,590
Total	$	6,694

Fair value and assumptions used to value stock options as of the grant date

The following table details the fair value and assumptions used to value stock options as of the grant date that were granted in 2011 and 2010:

	2011			2010
Fair value, calculated	$	1.49		$	1.65
Exercise Price	$	2.14		$	2.51
Risk-free interest rate		3.58	%		3.61	%
Expected stock price volatility		57.30	%		51.62	%
Expected dividend yield		0			0
Expected Life		10 years			10 years

Summary of the status of stock option plans

A summary of the status of the Corporation’s stock option plans as of December 31, and changes during the periods ending on those dates is presented below:

	Year ended December 31, 2012					Year ended December 31, 2011
	Shares			Weighted- average exercise price		Shares			Weighted- average exercise price
Outstanding at beginning of period		587,342		$	4.68		463,642		$	5.84
Granted		0			0		161,538			2.14
Exercised		0			0		0			0
Forfeited		(5,454	)		10.63		(29,338	)		7.03
Expired		0			0		(8,500	)		11.93
Outstanding at end of period		581,888		$	4.62		587,342		$	4.68
Options exercisable at period end		395,233		$	5.70		317,467		$	6.58
Weighted-average fair value of options granted during the period				$	N/A				$	1.49

Summary of options outstanding

The following information applies to options outstanding at December 31, 2012:

	Options outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$1.90—$2.51		470,687		7.3	$	2.38		284,032	$	2.42
$8.92		18,877		5.0		8.92		18,877		8.92
$11.36—$14.16		43,473		3.3		13.69		43,473		13.69
$16.13—$17.17		48,851		1.3		16.44		48,851		16.44
		581,888		6.4	$	4.62		395,233	$	5.70

Summary of unvested options and changes during the year

A summary of unvested options as of, and changes during the year ended, December 31, 2012, were as follows:

	Number
Unvested options:
Beginning of period		269,875
Granted		0
Forfeited		(888	)
Vested during the period		(82,332	)
Unvested options at December 31, 2012		186,655

Summary of restricted stock award activity

A summary of restricted stock award activity for the period is presented below:

	Non-vested Number of Shares			Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2011		37,500		$	2.50
Vested		(12,500	)		2.50
Non-vested balance at December 31, 2011		25,000		$	2.50
Granted		315,679			2.28
Vested		(118,166	)		2.12
Forfeit		(2,524	)		2.38
Non-vested balance at December 31, 2012		219,989		$	2.39