Stock-Based Compensation

Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. 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 June 30,
	2016			2015
	Shares		Weighted Average Exercise Price	Shares	Weighted Average Exercise Price
	Shares		Weighted Average Exercise Price	Shares	Weighted Average Exercise Price
Balance, Beginning of Period	26,000		$23.50	29,500	$23.55
Options Granted	—		—	—	—
Options Exercised	—		—	—	—
Options Forfeited	(1,000	)	23.49	—	—
Balance, End of Period	25,000		$23.50	29,500	$23.55

5. Stock-Based Compensation, Continued



	Six Months Ended June 30,
	2016			2015
	Shares		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
	Shares		Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
Balance, Beginning of Period	29,500		$23.55	47,500		$22.41
Options Granted	—		—	—		—
Options Exercised	—		—	—		—
Options Forfeited	(4,500	)	23.82	(18,000	)	20.55
Balance, End of Period	25,000		$23.50	29,500		$23.55

Options Exercisable	20,700			19,800

Options Available For Grant	50,000			50,000

At June 30, 2016, the Company had the following options outstanding:



Grant Date	Outstanding Options	Option Price	Expiration Date
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	12,000	$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 June 30, 2016 or 2015 had an exercise price below the average market price during the three or six month periods ended June 30, 2016 or 2015. Therefore, these options were not deemed to be dilutive to EPS in those periods.