Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded:

	Three Months Ended March 31,
	2014			2013
Weighted average fair value of grants	$	—		$	2.50
Risk-free interest rate		—	%		1.86	%
Dividend yield		—	%		1.76	%
Expected volatility		—	%		23.21	%
Expected life in months		—			69

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Activity under the stock-based compensation plans as of March 31, 2014 and changes during the three months ended March 31, 2014 were as follows:

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2013	214,263	$	10.59
Granted – options	—		—
Exercised	—		—
Canceled/expired	—		—
Forfeited	—		—
Outstanding at March 31, 2014	214,263		10.59	5.46	$	1,801,405
Exercisable at March 31, 2014	164,821	$	10.24	4.55	$	1,443,161

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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