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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

3.         Stock-Based Compensation

 

The Company’s shareholders approved the Norwood Financial Corp 2006 Stock Option Plan at the annual meeting on April 25, 2006.  The Company awarded 1,100 options in 2013 which have a twelve-month vesting period. As of June 30, 2013, there was $80,000 of total unrecognized compensation cost related to non-vested options granted in 2012 and 2013 under the plan, which will be fully amortized by December 31, 2013.  All share and per share data has been adjusted to reflect the retroactive effect of the 10% stock dividend declared during the period ended March 31, 2013.

 

A summary of stock options from all plans, adjusted for stock dividends declared, is shown below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Average Exercise

 

Weighted Average

 

Aggregate

 

 

 

Price

 

Remaining

 

Intrinsic Value

 

Options

 

Per Share

 

Contractual Term

 

($000)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2013
225,670 

 

$
26.39 

 
6.1 

Yrs.

 

$
256 

Granted
1,100 

 

 
27.56 

 
9.5 

Yrs.

 

 

-

Exercised
(7,433)

 

 
24.15 

 
2.1 

Yrs.

 

 

-

Forfeited
(6,175)

 

 
29.94 

 
4.8 

Yrs.

 

 

-

Outstanding at June 30, 2013
213,162 

 

$
26.38 

 
5.8 

Yrs.

 

$
560 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2013
182,362 

 

$
26.26 

 
5.1 

Yrs.

 

$
500 

 

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option.  The stock price was $29.00 as of June 30, 2013 and $27.05 as of December 31, 2012.