Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [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, 2013 and 2012.

The Company recognizes compensation expense for stock option grants on a straight-line basis over the requisite service period of the grant.  No stock-based compensation expense was recognized for the three months ended March 31, 2013.   The Company recognized $6 thousand in stock-based compensation expense, as a component of salaries and benefits, for the three months ended March 31, 2012. As of March 31, 2013, there was no remaining unrecognized compensation costs related to nonvested stock option grants.

The following table summarizes information on stock option activity during 2013:

	Shares	Weighted average exercise price per share	Weighted average remaining contractual terms (in years)	Total intrinsic value (in thousands)
Outstanding, January 1, 2013	107,845	11.58
Granted	—	—
Exercised	—	—
Forfeited, expired or cancelled	—	—
Outstanding, March 31, 2013	107,845	11.58	4.68	$	325
Exercisable at March 31, 2013	107,845	11.58	4.68	$	325

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, 2013, 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, 2013.  This amount changes based upon the fair market value of the Company’s stock.

(b)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 2013:

	Shares		Weighted average fair value per share		Weighted average remaining contractual terms (in years)
Outstanding, January 1, 2013	99,811		$	13.16
Granted	80,100		13.91
Vested	(21,537	)	13.29
Forfeited, expired or cancelled	(1,466	)	13.36
Outstanding, March 31, 2013	156,908		$	13.52	2.63

For the three months ended March 31, 2013, the Company recognized $201 thousand in RSU compensation expense, as a component of salaries and benefits, compared to $131 thousand for the same period a year ago.  As of March 31, 2013, there was $1.8 million of total unrecognized compensation costs related to nonvested RSUs.