STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

Option activity under the Company's stock option plan as of September 30, 2012 was as follows:

	At September 30, 2012
	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (in years)		Aggregate intrinsic value ($000)
Outstanding at January 1, 2012		109,765		$	24.41
Options granted		—			—
Options exercised		(315	)		19.67
Options forfeited		(776	)		28.75
Options expired		(257	)		28.25
Outstanding at September 30, 2012		108,417		$	24.39		1.85	$	178
Options exercisable at September 30, 2012		91,177		$	25.28		1.62	$	107

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the third quarter and the exercise price, multiplied by the number of in-the-money options).

The aggregate intrinsic value and cash receipts of options exercised are as follows:

	For the nine months ended September 30,
	2012		2011
	(in thousands)
Options Exercised
Aggregate intrinsic value of options exercised	$	6	$	—
Cash receipts from options exercised		7		—

Stock based Compensation Expense

The following tables provide information regarding the Company's stock-based compensation expense:

	For the three months ended September 30,
	2012		2011
	(in thousands)
Stock-based compensation expense
Director fees	$	38	$	34
Stock grant expense		—		3
Stock option expense		6		8
Employee Stock Ownership Plan ("ESOP") expense		68		53
Total stock-based compensation expense	$	112	$	98

	For the nine months ended September 30,
	2012		2011
	(in thousands)
Stock-based compensation expense
Director fees	$	112	$	34
Stock grant expense		—		9
Stock option expense		20		24
Employee Stock Ownership Plan ("ESOP") expense		210		168
Total stock-based compensation expense	$	342	$	235