EMPLOYEE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2012

EMPLOYEE STOCK PLANS [Abstract]

Stock Option Activity

Stock Options – Of the 307,845 options outstanding at December 31, 2012, 20,983 were issued under the 1997 Stock Incentive Plan and 286,862 were issued under the 2007 Omnibus Incentive Compensation Plan.  All options outstanding at December 31, 2012 are incentive stock options with a term of ten years, 265,343 of which vest 20% each year on the anniversary date of the grant and, 42,502 of which vest 16.67% each year.  The following table summarizes activity relating to stock options:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2011		35,100		$	14.07		1.86
Granted		294,803			12.97
Exercised		(14,117	)		7.15
Forfeited		(7,941	)		12.97
Outstanding at December 31, 2012		307,845		$	13.36		8.87	$	920,000
Exercisable at December 31, 2012		20,983		$	18.72		1.68	$	-

Summary of changes in unvested options

A summary of changes in unvested options for the period ended December 31, 2012 is as follows:

	2012
	Number of Options			Weighted Average Grant Date Fair Value
Unvested options outstanding, beginning of year		-		$	-
Granted		294,803			4.41
Vested		-			-
Forfeited		(7,941	)		4.41
Unvested options outstanding, end of year		286,862		$	4.41

Assumptions were made in estimating the fair value of the options

The fair value of each option granted is estimated on the grant date using the Black-Scholes Option Pricing Model.  This model requires management to make certain assumptions, including the expected life of the option, the risk free rate of interest, the expected volatility, and the expected dividend yield.  The risk free rate of interest is based on the yield of a U.S. Treasury security with a similar term.  The expected volatility is based on historic volatility over a term similar to the expected life of the options.  The dividend yield is based on the current yield at the date of grant.  The following assumptions were made in estimating the fair value of the options granted in 2012:

Risk free rate of interest	0.7	%
Expected volatility	46.1	%
Dividend yield	2.0	%
Average expected life (in years)	5

Non-vested Restricted Stock Awards Activity

The following table summarizes activity relating to non-vested restricted stock awards:

	2012
Balance at beginning of year		16,645
Granted		-
Forfeited		(1,332	)
Vested		-
Balance at end of year		15,313