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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2012
Share-Based Compensation Plans [Abstract]  
Summary of stock options granted under the plan
                                                 
    2012     2011     2010  
    Number of     Weighted     Number of     Weighted     Number of     Weighted  
    Shares     Average     Shares     Average     Shares     Average  
    Underlying     Exercise     Underlying     Exercise     Underlying     Exercise  
        Options             Prices             Options             Prices             Options             Prices      

Outstanding, January 1

     94,750         $9.09         90,750         $10.11         89,650         $11.77    

Granted

     30,000         $7.80         27,000         $8.75         26,500         $8.35    

Exercised

     -         -         -         -         (1,500)        $7.65    

Expired

     (12,250)        $14.01         (23,000)        $12.72         (23,900)        $14.54    
   

 

 

            

 

 

            

 

 

          
             

Outstanding and exercisable, December 31

     112,500         $8.21         94,750         $9.09         90,750         $10.11    
   

 

 

            

 

 

            

 

 

          
             

Weighted-average fair value per share of stock options granted during the year

     $0.40                 $1.10                 $1.24            
   

 

 

            

 

 

            

 

 

          
Black-Scholes option-pricing model

The fair value of each share option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

                             
        Years Ended December 31,  
              2012                     2011                     2010          
 

Assumption:

      
 

Expected Term (years)

     3.0         3.0         3.0    
 

Risk-Free Interest Rate

     0.39%       0.71%       1.23%  
 

Expected Dividend Yield

     8.21%       7.31%       7.66%  
 

Expected Volatility

     21.12%       33.58%       40.29%  
 

Forfeiture Rate

     1.00%       2.00%       10.00%  
Schedule of share based compensation arrangement by share based payment award options outstanding and exercisable

The following table summarizes information about share options outstanding at December 31, 2012:

 

                             
        Options Outstanding and Exercisable  
 

Range of

Exercise Prices

   Number
    Outstanding    		     Weighted
Average
Remaining
Contract Life
       (in years)      		     Weighted
Average
Exercise
      Price       		  
 

$7.65 to $7.80

     44,000       3.25       $7.75  
 

$8.35 to $8.75

     68,500       2.62       $8.51  
 

 

  

 

 

    

 

 

    

 

 

  
 

$7.65 to $8.75

     112,500       2.87       $8.21  
Summary of changes in outstanding RSUs and restricted stock

A summary of our restricted shares as of December 31, 2012, 2011 and 2010 and the changes during the years ended on those dates are as follows:

 

                                                 
    2012     2011     2010  
    Number of
Shares		     Weighted
Average Grant
Date Fair Value
Per Share		     Number of
Shares		     Weighted
Average Grant
Date Fair Value
Per Share		     Number of
Shares		     Weighted
Average Grant
Date Fair Value
Per Share		  

Balance, January 1

     11,031         $8.57         12,066         $8.35         17,416         $8.14    

Granted

     15,000         $7.45         15,000         $8.73         13,100         $8.35    

Vested

     (19,365)        $7.98         (16,035)        $8.55         (15,050)        $8.11    

Forfeited

     -         -         -         -         (3,400)        $8.35    
   

 

 

            

 

 

            

 

 

          

Balance, December 31

     6,666         $7.75         11,031         $8.57         12,066         $8.35