Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

3. Stock-Based Compensation

No awards were granted during the six month period ending June 30, 2015. As of June 30, 2015, there was $33,000 of total unrecognized compensation cost related to non-vested stock options granted in 2014 under the 2014 Stock Option Plan, which will be fully amortized by December 31, 2015. Total compensation cost related to stock options during the six month period ending June 30, 2015 was $33,000.

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, 2015	206,463	$	26.74	5.7	Yrs.	$	478
Granted	-		-	-			-
Exercised	(7,788)		25.71	5.2			-
Forfeited	(9,583)		27.02	4.5			-
Outstanding at June 30, 2015	189,092	$	26.77	5.2		$	483

Exercisable at June 30, 2015	177,092	$	26.61	5.0	Yrs.	$	480

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 $29.32 as of June 30, 2015 and $29.05 as of December 31, 2014.

A summary of the Company’s restricted stock activity and related information for the six month period ended June 30, 2015 is as follows:


			Weighted-Average
	Number of		Grant Date
	Restricted Stock		Fair Value
Outstanding, January 1, 2015	9,300	$	29.08
Granted	-		-
Vested	-		-
Forfeited	-		-
Non-vested at June 30, 2015	9,300	$	29.08

The expected future compensation expense relating to the 9,300 shares of non-vested restricted stock outstanding as of June 30, 2015 is $243,000 to be recognized over the next 4.5 years. Total compensation cost related to restricted stock during the six month period ending June 30, 2015 was $27,000.