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Stock Option Plan

9 Months Ended

Sep. 30, 2013

Note 7:

Stock Option Plan

In fiscal 2004, the Company adopted a Stock Option Plan that provided for the issuance of 142,857 incentive options and 61,224 non-incentive options with respect to authorized common stock. At September 30, 2013, all options under the 2004 Plan were expired. The Company recognized compensation expense related to stock option awards based on the fair value of the option award at the grant date. Compensation cost was recognized over the vesting period. There were no options granted during the three and nine months ended September 30, 2013 and 2012. There was no compensation expense recognized for the stock option plan during the three and nine months ended September 30, 2013 and 2012, as all options were fully vested prior to these periods.

A summary of the status of the Company’s stock option plan as of and for the nine months ended September 30, 2013, and for the year ended December 31, 2012 is presented below:

	Nine months ended September 30, 2013				Year ended December 31, 2012
	Shares		Weighted average exercise price		Shares		Weighted average exercise price
Outstanding at beginning of period		58,908	$	13.95		63,408	$	13.95
Granted		—		—		—		—
Exercised		—		—		—		—
Forfeited		17,704	$	13.95		4,500	$	13.95
Expired		41,204	$	13.95		—		—
Outstanding at end of period		—	$	—		58,908	$	13.95
Options exercisable at period-end		—	$	—		58,908	$	13.95

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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