(10) Stock Options

The Company’s Stock Option and Stock Appreciation Rights Plan (“Stock Option Plan”) authorized the Company to grant options to buy up to an aggregate of 225,000 common shares of the Company to directors, officers and employees of the Company. The exercise price of stock options granted under the Stock Option Plan was based on the market price of the Company’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 Company under the Stock Option Plan.

Additionally, all options outstanding under the plan expired on April 12, 2013 and there were no new options issued during 2014.

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


	Three months ended March 31, 2013
	Total options outstanding
	Shares		Weighted Average Price Per Share

Outstanding at beginning of year		10,000	$	35.00
Granted		—		—
Exercised		—		—
Forfeited		—		—
Expired		—		—

Options outstanding, end of period		10,000	$	35.00

Options exercisable, end of period		10,000	$	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 March 31, 2013, there were no options that had intrinsic value.