Stock Option Plan

12 Months Ended

Dec. 31, 2012

Stock Option Plan

Stock Option Plan

Note 15: Stock Option Plan

The Company’s Stock Option Plan (the Plan), which was approved by stockholders, permits the grant of up to 204,081 share options to its employees. The Company believes that such awards better align the interests of its employees with those of its stockholders. Option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. All outstanding options are fully exercisable. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Plan). There was no compensation cost recognized in the income statement for share-based payment arrangements during the fiscal periods ended December 31, 2012 and 2011.

A summary of option activity under the Plan for the year ended December 31, 2012 is presented below:

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, beginning of period		63,408	$	13.95
Granted		—		—
Exercised		—		—
Forfeited or expired		4,500	$	13.95
Outstanding, end of period		58,908	$	13.95		0.75	$	—
Exercisable, end of period		58,908	$	13.95		0.75	$	—

As of December 31, 2012 and 2011, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. The cost was recognized in fiscal year ended March 31, 2005 when the Company accelerated full vesting of all the stock options at that time.