Share-Based Compensation

9 Months Ended

Sep. 30, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

(13) Share-Based Compensation

A broad-based stock incentive plan, the 2006 Stock Incentive Plan, was adopted by the Corporation’s shareholders on April 18, 2006. As of September 30, 2011, outstanding awards granted under this Plan consisted of stock options granted in 2007, 2008 and 2009 and long-term restricted shares issued in 2010 and 2011. In addition, the Corporation has nonqualified stock option agreements outside of the 2006 Stock Incentive Plan. Grants under the nonqualified stock option agreements were made from 2005 to 2007.

Stock Options

The expense recorded for stock options was $1 and $13 for the first nine months of September 30, 2011 and September 30, 2010, respectively. The maximum option term is ten years and the options generally vest over three years as follows: one-third after one year from the grant date, two-thirds after two years and completely after three years.

Options outstanding at September 30, 2011 were as follows:

	Outstanding				Exercisable
	Number		Weighted Average Remaining Contractual Life (Years)		Number		Weighted Average Exercise Price
Range of Exercise Prices
$5.34-$5.34		2,500		7.62		1,667	$	5.34
$14.47-$15.34		82,000		6.35		82,000		14.47
$15.35-$16.50		52,500		5.46		52,500		15.78
$16.51-$19.10		30,000		4.34		30,000		19.10
$19.11-$19.17		30,000		3.34		30,000		19.17
Outstanding at end of period		197,000		5.37		196,167	$	16.17

A summary of the status of stock options at September 30, 2011 and September 30, 2010 and changes during the nine months then ended is presented in the table below:

	2011				2010
	Options		Weighted Average Exercise Price per Share		Options		Weighted Average Exercise Price per Share
Outstanding at beginning of period		197,000	$	16.12		198,000	$	16.12
Granted		—		—		—		—
Forfeited or expired		—		—		—		—
Exercised		—		—		—		—
Stock dividend or split		—		—		—		—
Outstanding at end of period		197,000	$	16.12		198,000	$	16.12
Exercisable at end of period		196,167	$	16.17		161,996	$	16.54

There were no options exercised during the first nine months of 2011, therefore the total intrinsic value of options exercised was $0. The total intrinsic value of all options outstanding at September 30, 2011 was $0.

A summary of the status of nonvested stock options at September 30, 2011 is presented in the table below:

	Nonvested Shares		Weighted Average Exercise Price per share
Nonvested at January 1, 2011		29,004	$	13.95
Granted		—		—
Vested		28,171		14.20
Forfeited or expired		—		—
Nonvested at September 30, 2011		833		5.34

Restricted Shares

In January 2011, the Corporation issued 40,000 shares of long-term restricted stock, 2,500 of which have expired due to employee terminations. The long-term restricted stock was issued at the current market price of the Corporation’s stock on the date of grant which was $5.28 per share. In 2010, the Corporation issued 86,852 shares of long-term restricted stock at a weighted average price of $4.42 per share. Shares of long-term restricted stock generally vest in two equal installments on the second and third anniversaries of the date of grant, or upon the earlier death or disability of the recipient or a qualified change of control of the Corporation. The expense recorded for long-term restricted stock for the nine months ended September 30, 2011 and 2010 was $140 and $57, respectively.

The market price of the Corporation’s common shares at the date of grant is used to estimate the fair value of restricted stock awards. A summary of the status of restricted shares at September 30, 2011 is presented in the table below:

	Nonvested Shares			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2011		86,852		$	4.42
Granted		40,000			5.28
Vested		—			—
Forfeited or expired		(2,500	)		5.28
Nonvested at September 30, 2011		124,352			4.68

Stock Appreciation Rights (“SARs”)

In 2006, the Corporation issued an aggregate of 30,000 stock appreciation rights (“SARs”) at $19.00 per share, 15,500 of which have expired due to employee terminations. The SARs vest over three years as follows: one-third after one year from the grant date, two-thirds after two years and completely after three years. Any unexercised portion of the SARs shall expire at the end of the stated term which is decided at the date of grant and shall not exceed ten years. The SARs issued in 2006 will expire in January 2016. The expense recorded for SARs for the first nine months of 2011 and 2010 was $0.