(10) Stock Options

The Corporation’s Stock Option and Stock Appreciation Rights Plan (“Stock Option Plan”) authorized the Corporation to grant options to buy up to an aggregate of 225,000 common shares of the Corporation to directors, officers and employees of the Corporation. The exercise price of stock options granted under the Stock Option Plan was based on the market price of the Corporation’s common shares at the date of grant, the maximum option term was ten years, and options normally vested after three years. The Stock Option Plan expired in 2010, and no further stock options or other awards may be granted by the Corporation under the Stock Option Plan.

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


	Nine months ended September 30, 2013					Nine months ended September 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		(19,500	)		20.50

Options outstanding, end of period		—		$	—		10,000		$	35.00

Options exercisable, end of period		—		$	—		10,000		$	35.00

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