Stock Option Plan (Tables)

9 Months Ended

Sep. 30, 2012

Assumptions Used in Estimating Fair Value of Options Granted to Directors

using the Black-Scholes option-pricing model. The following assumptions were used in estimating the fair value of the options granted to the directors in the second quarter of 2012:

Assumption	Directors
Dividend Yield		4.70	%
Risk-Free Interest Rate		0.78	%
Expected Life		8.2 years
Expected Volatility		78.29	%
Calculated Value per Option	$	8.88
Forfeitures		0.00	%

Summary of Stock Option Activity

The following table below is a summary of the stock option activity for the nine months ended September 30, 2012.

	Directors’ Plan					Employees’ Plan
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		102,000		$	21.00		135,500		$	19.96
Granted		13,500			18.76		—			—
Exercised		(3,000	)		15.00		(14,500	)		14.65
Expired		(1,500	)		15.00		(13,000	)		18.09
Outstanding at September 30, 2012		111,000		$	20.97		108,000		$	20.90