Stock-Based Compensation Plan

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation Plan [Abstract]

Stock-Based Compensation Plan

Note 2.  Stock-Based Compensation Plan

As of March 31, 2012, the Company sponsored one stock-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.  Under the plan, the Company may grant stock-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 255,000 shares of common stock under the 2006 Equity Compensation Plan.

The Company recognized $81,000 for stock-based compensation expenses for the three months ended March 31, 2012.

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

	March 31, 2012
	Shares		Weighted Average Exercise Price			Aggregate Intrinsic Value
Outstanding at beginning of year	160,171		$	20.40
Granted	-		-
Exercised	-		-
Forfeited	(58,000	)	(23.95		)
Outstanding at end of period	102,171		$	18.39		$	-

As of the end of the reporting period, 99,671 options were vested and exercisable representing 42,000 shares issued under the original 1997 plan and 57,671 vested options under the 2006 Plan.  As of March 31, 2012 no outstanding options were not vested from the original 1997 plan and 2,500 outstanding options were not vested under the 2006 plan.  At March 31, 2012 the weighted average exercise price of these stock options was greater than the average market price during the period.  The weighted average remaining contractual term for options outstanding and exercisable at March 31, 2012 was 4.3 years.  As of

March 31, 2012 there was $4,000 of total unrecognized compensation expense related to stock option awards under the 2006 Equity Compensation Plan.

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

	March 31, 2012
	Shares		Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value
Outstanding at beginning of year	86,220		$	14.79
Granted	-		-
Vested	(11,011	)	14.43
Forfeited	(2,808	)	14.59
Non-vested at end of period	72,401		$	14.85	$	1,137,420

The weighted average remaining contractual term for non-vested restricted stock at March 31, 2012 was 3.9 years.  As of March 31, 2012, there was approximately $866,000 of total unrecognized compensation expense related to non-vested restricted stock awards under the 2006 Equity Compensation Plan.