(10) 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’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:


	Six months ended June 30, 2013						Six months ended June 30, 2012
	Total options outstanding						Total options outstanding
				Weighted					Weighted
				Average					Average
				Price					Price
	Shares			Per Share			Shares		Per Share
Outstanding at beginning of year		10,000		$	35.00			29,500	$	25.42
Granted		—			—			—		—
Exercised		—			—			—		—
Forfeited		—			—			—		—
Expired		(10,000	)		(35.00	)		—		—

Options outstanding, end of period		—		$	—			29,500	$	25.42

Options exercisable, end of period		—		$	—			29,500	$	25.42

At June 30, 2013, all previously outstanding stock options had expired unexercised.

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 June 30, 2012, there were no options that had intrinsic value.