Stock Awards

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Awards

NOTE 13 — Stock Awards

Under the 2008 Long-Term Incentive Plan (the “2008 plan”), the Compensation Committee of the board of directors has broad authority with respect to awards granted under the 2008 plan, including, without limitation, the authority to:

• Designate the individuals eligible to receive awards under the 2008 plan.

• Determine the size, type and date of grant for individual awards, provided that awards approved by the Committee are not effective unless and until ratified by the board of directors.

• Interpret the 2008 plan and award agreements issued with respect to individual participants.

Persons eligible to receive awards under the 2008 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries, except that incentive stock option may be granted only to individuals who are employees on the date of grant.

There are 107,400 shares of the Company’s common stock available for grant as awards pursuant to the 2008 plan, including existing awards.

The 2008 plan authorizes grants of stock options, stock appreciation rights, dividend equivalents, performance awards, restricted stock and restricted stock units.

There were awards of restricted stock in the amount of $50 during the six months ended June 30, 2013.

	Restricted Stock
Nonvested shares	Number of Shares		Weighted- Average Grant-Date Fair Value
Nonvested, January 1, 2013		7,731	$	38.80
Granted		1,335		37.45
Vested		—		—
Forfeited		—		—
Nonvested, June 30, 2013		9,066	$	38.60

Restricted stock granted to officers vest after five years. The weighted average period over which these expenses will be recognized is approximately five years.

The Company began to expense the fair value of all share-based compensation over the requisite service periods commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. The Company classifies share-based compensation for employees within “salaries and employee benefits” on the Consolidated Statements of Income.

The Company recognized $33 of compensation expense for stock awards granted in the six months ended June 30, 2013. As of June 30, 2013, the Company had $277 of unrecognized compensation expense associated with restricted stock awards.