Stock Based Compensation

6 Months Ended

Jun. 30, 2014

Stock Based Compensation [Abstract]

Stock Based Compensation

(Note 2) - Stock Based Compensation:

The Company had stock-based employee compensation plans, which provided for the granting of nonqualified and incentive stock options, as well as restricted stock awards and stock appreciation rights to officers, employees and other key persons. The plans granted options with the exercise price equal to the market value of the Company’s stock on the date of such grant and all options expire ten years after granted. The terms and vesting schedules for stock-based awards vary by type of grant and generally the awards vest based upon time-based conditions. Stock-based compensation expense was $52,000 and $26,000 for the six and three months ended June 30, 2014, respectively, and was $56,000 and $28,000, respectively, for the comparable 2013 periods.

The Company's stock-based employee compensation plans allowed for the issuance of restricted stock awards that may not be sold or otherwise transferred until certain restrictions have lapsed. The unearned stock-based compensation related to restricted stock granted is being amortized to compensation expense over the vesting period, which ranges from seven to ten years. The stock-based expense for these awards was determined based on the market price of the Company's stock at the date of grant applied to the total number of shares that were anticipated to vest. As of June 30, 2014, the Company had unearned compensation of $319,000 associated with all of the Company's restricted stock awards, which will be expensed over approximately the next six years. The unvested portion of restricted stock awards at June 30, 2014 and 2013 were approximately 112,000 and 149,000 shares, respectively.

The following table summarizes the Company's nonvested restricted stock activity for the six months ended June 30, 2014:

	Number of Shares			Weighted-Average Grant-Date Fair Value
Nonvested stock options at January 1, 2014		139,000			3.37
Granted		-			-
Vested		(18,000	)		3.23
Forfeited		(9,000	)		3.23
Nonvested stock options at June 30, 2014		112,000			3.40

Stock option activity during the six months ended June 30, 2014, under all stock option plans is as follows:

	Number of Shares			Weighted Average Exercise Price		Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2013		114,000			3.08		1
Granted		-			-		-
Forfeited		(31,000	)		5.96		-
Exercised		-			-		-
Options outstanding, June 30, 2014		83,000			2.00		1
Options exercisable at June 30, 2014		83,000			2.00		1

At June 30, 2014, the aggregate intrinsic value of options both outstanding and exercisable was $79,000. At the comparable 2013 period, the aggregate intrinsic value of options outstanding and exercisable was $115,000 and $96,000, respectively.

The following table summarizes the Company's nonvested stock option activity for the six months ended June 30, 2014:

	Number of Shares			Weighted-Average Grant-Date Fair Value
Nonvested stock options at January 1, 2014		14,000			1.02
Granted		-			-
Vested		(14,000	)		1.02
Forfeited		-			-
Nonvested stock options at June 30, 2014		-			-