The Company maintains an Incentive Stock Option Plan and a Stock Award Plan under which officers and key employees may acquire up to a maximum of 2,155,028 common shares.

Stock Options

Under the Incentive Stock Option Plan, which expired in 2008, no options have been awarded since 2004. At March 31, 2015 there were no options outstanding as all remaining options expired unexercised in April 2014.

Restricted Shares

All restricted shares granted are governed by the Company’s Stock Award Plan, which was approved by shareholders in 2000 and amended in 2009. As of March 31, 2015, 87,318 restricted shares were outstanding on a stock dividend adjusted basis. Employees can earn the restricted shares in exchange for services to be provided to the Company over a three-year or five-year vesting period. Total unrecognized compensation cost related to unvested stock awards is approximately $120,000 and is expected to be recognized over a weighted average period of 1.5 years.

The following table summarizes information regarding restricted share activity for the three months ending March 31, 2015:

	Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2014	107,639	$2.00
Granted	0	$0.00
Vested	(20,321)	$2.09
Forfeited	0	$0.00
Unvested, March 31, 2015	87,318	$1.98