Stock Compensation Plans

3 Months Ended

Mar. 31, 2013

Stock Compensation Plans

Stock Compensation Plans

Note 11.  Stock Compensation Plans

On August 30, 2000, the Company’s Board adopted the 2000 Employee Stock Incentive Plan (the “Stock Incentive Plan”) in which options may be granted to key officers and other employees of the Company.  The aggregate number of shares which may be issued upon exercise of the options under the plan cannot exceed 1,100,000 shares.  Options and rights granted under the Stock Incentive Plan become exercisable six months after the date the options are awarded and expire ten years after the award date.  Upon exercise, the shares are issued from the Company’s authorized but unissued stock.  The Stock Incentive Plan expired on August 30, 2010, therefore, no further grants will be made under the plan.

The Board also adopted on August 30, 2000, the 2000 Independent Directors Stock Option Plan (the “Directors’ Stock Plan”) for directors who are not officers or employees of the Company.  The aggregate number of shares issuable under the Directors’ Stock Plan cannot exceed 550,000 shares and are exercisable six months from the date the awards are granted and expire three years after the award date.  Upon exercise, the shares are issued from the Company’s authorized but unissued shares.  The Directors’ Stock Plan expired on August 30, 2010, therefore, no further grants will be made under the plan.

On November 28, 2012, the Board of Directors adopted the 2012 Employee Stock Grant Plan (the “Employee Stock Plan”) under which 16,000 shares of common stock were authorized to be granted to employees.  In December, 2012, the Company granted 15,050 shares of the Company’s common stock to employees under this plan.  There was no compensation expense related to options or stock under the Stock Incentive Plan, the Directors’ Stock Plan, and the Employee Stock Plan for the three months ended March 31, 2013 and 2012.

In accordance with current accounting guidance, all options are charged against income at their fair value.  Awards granted under the plans vest immediately and the entire expense of the award is recognized in the year of grant.

A summary of the status of the Company’s stock option plans is presented below:

	Three Months Ended March 31,
	2013			2012
		Weighted			Weighted
		Average			Average
		Exercise			Exercise
	Shares	Price		Shares	Price
Outstanding at January 1.	129,170	$	14.26	188,193	$	12.62
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited	—	—		—	—
Outstanding at March 31,	129,170	$	14.26	188,193	$	12.62
Options exercisable at March 31,	129,170	$	14.26	188,193	$	12.62
Weighted average fair value of options granted during the period		$	—		$	—
Stock-based compensation expense		$	—		$	—

At March 31, 2013 and 2012 the exercisable options had no total intrinsic value and there was no unrecognized compensation expense.

Information pertaining to options outstanding at March 31, 2013 is as follows:

	Options Outstanding				Options Excercisable
		Weighted
		Average	Weighted			Weighted
		Remaining	Average			Average
	Number	Contractual	Exercise		Number	Exercise
Range of Exercise Price	Outstanding	Life	Price		Exercisable	Price
$ 10.01 - $23.13	129,170	3.2	$	14.26	129,170	$	14.26