Stock-Based Compensation Plan

9 Months Ended

Sep. 30, 2012

Stock-Based Compensation Plan [Abstract]

Stock-Based Compensation Plan

Note 2.  Stock–Based Compensation Plan

As of September 30, 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 $317,000 for stock-based compensation expenses for the nine months ended September 30, 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.

	September 30, 2012
	Shares		Weighted Average Exercise Price			Aggregate Intrinsic Value
Outstanding at beginning of year	160,171		$	20.40
Granted	—		—
Exercised	—		—
Forfeited	(78,000	)	(23.64		)
Outstanding at end of period	82,171		$	(17.32	)	$	—

As of the end of the reporting period, 79,671 options were vested and exercisable representing 22,000 shares issued under the original 1997 plan and 57,671 vested options under the 2006 Plan. As of September 30, 2012, no outstanding options were unvested from the original 1997 plan and 2,500 outstanding options were not vested under the 2006 plan. At September 30, 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 September 30, 2012 was 4.9 years. As of September 30, 2012, there was $600 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.

	September 30, 2012
	Shares		Weighted Average Grant-Date Fair Value			Aggregate Intrinsic Value
Outstanding at beginning of year	86,220		$	14.79
Granted	49,975		16.86
Vested	(12,932	)	(13.28		)
Forfeited	(2,808	)	(14.59		)
Non-vested at end of period	120,455		$	15.66		$	2,139,281

The weighted average remaining contractual term for non-vested restricted stock at September 30, 2012 was 4.2 years. As of September 30, 2012, there was approximately $1,471,144 of total unrecognized compensation expense related to non-vested restricted stock awards under the 2006 Equity Compensation Plan.