Stock-Based Compensation

Certain officers and directors of the Company participate in an incentive and non-qualified stock option plan. Options are granted at exercise prices not less than the fair value of the Company’s common stock on the date of the grant. The following is a summary of the activity under the Company’s stock option plans for the periods presented:



	Three Months Ended September 30,
	2014		2013
	Shares	Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
	Shares	Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
Balance, Beginning of Period	47,500	$22.41	68,400		$22.63
Options Granted	—	—	—		—
Options Exercised	—	—	—		—
Options Forfeited	—	—	(3,400	)	24.06
Balance, End Of Period	47,500	$22.41	65,000		$22.55



	Nine Months Ended September 30,
	2014			2013
	Shares		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
	Shares		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
Balance, Beginning of Period	61,500		$22.49	68,400		$22.63
Options Granted	—		—	—		—
Options Exercised	—		—	—		—
Options Forfeited	(14,000	)	22.74	(3,400	)	24.06
Balance, End Of Period	47,500		$22.41	65,000		$22.55

Options Exercisable	33,900			45,400

Options Available For Grant	50,000			50,000

5. Stock-Based Compensation, Continued

At September 30, 2014, the Company had the following options outstanding:




Grant Date	Outstanding Options	Option Price	Expiration Date

01/01/05	18,000	$20.55	12/31/14

01/01/06	3,500	$23.91	01/01/16

08/24/06	3,500	$23.03	08/24/16

05/24/07	2,000	$24.34	05/24/17

07/09/07	1,000	$24.61	07/09/17

10/01/07	2,000	$24.28	10/01/17

01/01/08	13,000	$23.49	01/01/18

05/19/08	2,500	$22.91	05/19/18

07/01/08	2,000	$22.91	07/01/18

None of the options outstanding at September 30, 2014 or 2013 had an exercise price below the average market price during the three or nine month periods ended September 30, 2014 or 2013. Therefore, these options were not deemed to be dilutive to earnings per share in those periods.