Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

(9)  Stock-Based Compensation

(a) Stock Options:  The Company measures the fair value of each stock option grant at the date of the grant, using the Black-Scholes option pricing model.  There were no options granted during the three months ended March 31, 2012 and 2011.

The Company recognizes compensation expense for stock option grants on a straight-line basis over the requisite service period of the grant.  For the three months ended March 31, 2012 and 2011, the Company recognized $6 thousand and $39 thousand in stock-based compensation expense, as a component of salaries and benefits, respectively.  As of March 31, 2012, there was approximately $2 thousand of total unrecognized compensation cost related to nonvested stock option grants.

The following table summarizes information on stock option activity during 2012:

	Shares			Weighted average exercise price per share		Weighted average remaining contractual terms (in years)		Total intrinsic value (in thousands)
Outstanding, January 1, 2012		155,224		$	10.71
Granted		-			-
Exercised		(19,108	)		7.37
Forfeited, expired or cancelled		(3,776	)		15.58
Outstanding, March 31, 2012		132,340			11.06		5.29	$	442
Exercisable at March 31, 2012		127,330		$	10.87		5.29	$	442

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (i.e., the difference between the Company's closing stock price on March 31, 2012, and the exercise price, times the number of shares) that would have been received by the option holders had all the option holders exercised their options on March 31, 2012.  This amount changes based upon the fair market value of the Company's stock.

(b) Restricted Stock Awards: The Company grants restricted stock awards ("RSA") periodically for the benefit of employees and directors.  Recipients of RSAs do not pay any cash consideration to the Company for the shares and receive all dividends with respect to such shares, whether or not the shares have vested.  Restrictions are based on continuous service requirements with the Company.   At March 31, 2012 and December 31, 2011, there were no RSAs outstanding.

For the three months ended March 31, 2012, the Company did not recognize any RSA compensation expense, as a component of salaries and benefits, compared to $5 thousand for the three months ended March 31, 2011.  As of March 31, 2012, there was no remaining unrecognized compensation costs related to nonvested RSAs.

(c) Restricted Stock Units: The Company grants restricted stock units ("RSU") periodically for the benefit of employees and directors. Recipients of RSUs receive shares of the Company's stock upon the lapse of their related restrictions and do not pay any cash consideration to the Company for the shares.  Restrictions are based on continuous service.

The following table summarizes information on RSU activity during 2012:

	Shares			Weighted average exercise price per share		Weighted average remaining contractual terms (in years)
Outstanding, January 1, 2012		71,744		$	12.80
Granted		68,800			13.28
Vested		(2,167	)		8.66
Forfeited, expired or cancelled		(1,000	)		13.08
Outstanding, March 31, 2012		137,377		$	13.10	3.29

For the three months ended March 31, 2012 and 2011, the Company recognized $131 thousand and $174 thousand in RSU compensation expense, as a component of salaries and benefits, respectively.  As of March 31, 2012, there was $1.5 million of total unrecognized compensation costs related to nonvested RSUs.