Note 13 - Stock Based Compensation

9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 13: STOCK BASED COMPENSATION

The Company’s Board of Directors has adopted various stock compensation plans.  The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, and bonus stock awards.  Pursuant to the plans, shares are reserved for future issuance by the Company upon the exercise of stock options or awarding of bonus shares granted to directors, officers and other key employees.

The table below summarizes the transactions under the Company's active stock compensation plans for the three months ended September 30, 2012:

	Stock Options Outstanding					Non-Vested Stock Awards Outstanding
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Grant-Date Fair-Value
Balance, January 1, 2012		228,070		$	26.76		127,217		$	26.49
Granted		--			--		51,245			26.29
Stock Options Exercised		--			--		--			--
Stock Awards Vested		--			--		(42,613	)		28.25
Forfeited/Expired		(400	)		26.20		--			--
Balance, September 30, 2012		227,670		$	26.76		135,849		$	25.92
Exercisable, September 30, 2012		218,356		$	26.61

The following table summarizes information about stock options under the plans outstanding at September 30, 2012:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Number of Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$23.78	-	$23.78		49,800		1.8	$	23.78		49,800	$	23.78
24.50	-	24.50		30,800		2.6		24.50		30,800		24.50
26.19	-	27.67		51,800		3.6		26.20		51,800		26.20
28.42	-	28.42		48,700		4.7		28.42		48,700		28.42
30.31	-	30.31		46,570		5.7		30.31		37,256		30.31

Total stock-based compensation expense was $1,065,043 and $920,919 during the nine months ended September 30, 2012 and 2011, respectively.  Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards.  Unrecognized stock-based compensation expense related to stock options totaled $43,265 at September 30, 2012.  At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 0.38 years.  Unrecognized stock-based compensation expense related to non-vested stock awards was $2,621,330 at September 30, 2012.  At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 2.34 years.

The intrinsic value of stock options outstanding and stock options exercisable at September 30, 2012 was $29,000.  Intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $24.36 as of September 30, 2012, and the exercise price multiplied by the number of options outstanding and exercisable at a price below that closing price.  There were no stock options exercised during the nine months ended September 30, 2012.  The total intrinsic value of stock options exercised during the nine months ended September 30, 2011 was $262,000.