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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
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 and nine months ended September 30, 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 and nine months ended September 30, 2013.   No stock-based compensation expense was recognized for the three months ended September 30, 2012. The Company recognized $8 thousand in stock-based compensation expense, as a component of salaries and benefits, for the nine months ended September 30, 2012. As of September 30, 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
(5,432
)
 
10.28

 
 
 
$
23

Forfeited, expired or cancelled
(1,763
)
 
15.98

 
 
 
 

Outstanding, September 30, 2013
100,650

 
$
11.57

 
4.14
 
$
308

Exercisable at September 30, 2013
100,650

 
$
11.57

 
4.14
 
$
308



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 September 30, 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 September 30, 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
81,100

 
13.91

 
 
Vested
(45,938
)
 
13.15

 
 
Forfeited, expired or cancelled
(3,498
)
 
13.50

 
 
Outstanding, September 30, 2013
131,475

 
$
13.62

 
2.08


For the three and nine months ended September 30, 2013, the Company recognized $202 thousand and $680 thousand in RSU compensation expense, respectively, as a component of salaries and benefits, compared to $252 thousand and $583 thousand for the same periods a year ago.  As of September 30, 2013, there was $1.3 million of total unrecognized compensation costs related to nonvested RSUs.