Stock-Based Compensation

9 Months Ended

Sep. 30, 2013

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

Stock-Based Compensation

Share–Based Compensation

As of September 30, 2013, the Company sponsored one share-based compensation plan (the 2006 Equity Compensation Plan), which provides for the granting of stock options, stock appreciation rights, stock awards, performance share awards, incentive awards and stock units.  The 2006 Equity Compensation Plan was approved by the Company’s shareholders at the Annual Meeting held on April 26, 2006 and has succeeded the Company’s 1997 Stock Incentive Plan.  The 2006 Equity Compensation plan was amended by the Company's shareholders at the Annual Meeting held on May 1, 2013 to increase the total number of shares which may be awarded. Under the plan, the Company may grant share-based compensation to its directors, officers, employees and other persons the Company determines have contributed to the profits or growth of the Company.  The Company may grant awards of up to 430,000 shares of common stock under the 2006 Equity Compensation Plan as amended.

The Company recognized $380,000 of share-based compensation expenses for the nine months ended September 30, 2013.

The following table summarizes stock options awarded under the 2006 Equity Compensation Plan and remaining unexercised options under the 1997 Stock Incentive Plan at the end of the reporting period.

	September 30, 2013
	Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at beginning of year	82,171		$	17.32
Granted	—		—
Exercised	(2,743	)	14.00
Forfeited	(16,000	)	22.00
Outstanding at end of period	63,428		$	16.29	$	182,000

As of the end of the reporting period, 63,428 options were vested and exercisable representing 6,000 shares issued under the original 1997 plan and 57,428 vested options under the 2006 Plan.  As of September 30, 2013, no outstanding options were unvested.

The weighted average remaining contractual term for options outstanding and exercisable at September 30, 2013 was 5.01 years.  As of September 30, 2013, all compensation expense related to stock option awards has been recognized. The Aggregate Intrinsic Value above represents the difference between the market value of the stock at the end of the period and the weighted average exercise price of the options at the end of the period.

The following table summarizes restricted stock awarded under the 2006 Equity Compensation Plan at the end of the reportable period.

	September 30, 2013
	Shares		Weighted Average Grant-Date Fair Value			Aggregate Intrinsic Value
Outstanding at beginning of year	120,455		$	15.66
Granted	32,500		17.96
Vested	(21,455	)	(14.72		)
Forfeited	(3,750	)	(16.85		)
Non-vested at end of period	127,750		$	16.36		$	2,463,000

The weighted average remaining contractual term for non-vested restricted stock at September 30, 2013 was 4.07years.  As of September 30, 2013, there was approximately $1.6 million of total unrecognized compensation expense related to non-vested restricted stock awards under the 2006 Equity Compensation Plan.