Stock Options

9 Months Ended

Sep. 30, 2012

Stock Options [Abstract]

Stock Options

(9) Stock Options

Options to buy stock could be granted to directors, officers and employees under the Corporation’s Stock Option and Stock Appreciation Rights Plan, which provided for issue of up to 225,000 options. The exercise price of stock options is determined based on the market price of the Corporation’s common shares at the date of grant. The maximum option term is ten years, and options normally vest after three years.

The Corporation did not grant any stock options during the first nine months of 2012 or 2011, nor did any stock options become vested during the first nine months of 2012 or 2011. The Corporation’s Stock Option and Stock Appreciation Rights Plan expired in 2010, and no further stock options or other awards may be granted by the Corporation under such plan.

A summary of the activity in the plan is as follows:

	Nine months ended					Nine months ended
	September 30, 2012					September 30, 2011
				Weighted				Weighted
				Average				Average
				Price				Price
	Shares			Per Share		Shares		Per Share
Outstanding at beginning of year		29,500		$	25.42		29,500	$	25.42
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(19,500	)		20.50		—		—
Options outstanding, end of period		10,000		$	35.00		29,500	$	25.42
Options exercisable, end of period		10,000		$	35.00		29,500	$	25.42

The following table details stock options outstanding:

	Outstanding Options
			Weighted
			Average		Weighted
			Remaining		Average
			Contractual		Exercise
Exercise price	Number		Life		Price
$35.00		10,000		6.4 mos.		35.00
Outstanding at quarter-end		10,000		6.4 mos.	$	35.00

The intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the market price of our common shares as of the reporting date. As of September 30, 2012 and December 31, 2011, the aggregate intrinsic value of outstanding stock options was $0. A total of 19,500 stock options with an exercise price of $20.50 expired on July 2, 2012.