STOCK PLANS (Tables)

9 Months Ended

Sep. 30, 2012

The following table presents the activity related to stock options for the three months ended September 30, 2012.

	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		375,563	$	11.94

Granted		—		—

Expired		—		—

Cancelled / Forfeited		—		—

Exercised		—		—

Options outstanding at End of Period		375,563	$	11.94	$	44,338		3.12

Exercisable (vested) at End of Period		339,313	$	12.71	$	18,640		2.55

The following table presents the activity related to stock options for the nine months ended September 30, 2012.

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		421,697		$	11.65

Granted		14,975		$	5.00

Expired		(61,109	)	$	8.24

Cancelled / Forfeited		—			—

Exercised		—			—

Options outstanding at End of Period		375,563		$	11.94	$	44,338		3.12

Exercisable (vested) at End of Period		339,313		$	12.71	$	18,640		2.55

Weighted average assumptions used in valuing stock options

A summary of the weighted average assumptions used in valuing stock options during the three months and nine months ended September 30, 2012 is presented below.

	Three Months Ended September 30, 2012*		Nine months Ended September 30, 2012

Risk Free Interest Rate		—		2.37	%

Expected Dividend Yield		—		0.00	%

Expected Life in Years		—		5

Expected Price Volatility		—		53.06	%

Activity related to restricted stock

The following table presents the activity related to restricted stock for the three months ended September 30, 2012.

	Number of Shares		Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (in years)
Restricted stock outstanding at Beginning of Period		46,781	$	4.62

Granted		—		—

Cancelled / Forfeited		—		—

Exercised/Released/Vested		—		—

Restricted stock outstanding at End of Period		46,781	$	4.62	$252,617	8.10

The following table presents the activity related to restricted stock for the nine months ended September 30, 2012.

	Number of Shares			Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (in years)
Restricted stock outstanding at Beginning of Period		46,013		$	7.16

Granted		13,193		$	5.00

Cancelled / Forfeited		(529	)	$	9.79

Exercised/Released/Vested		(11,896	)	$	14.64

Restricted stock outstanding at End of Period		46,781		$	4.62	$252,617	8.10

Employee Stock Purchase Plan valuation assumptions

A summary of the weighted average assumptions used in valuing ESPP issuances during the three months and nine months ended September 30, 2012 is presented below.

	Three Months Ended September 30, 2012			Nine months Ended September 30, 2012

Risk Free Interest Rate		0.10	%		0.10	%

Expected Dividend Yield		0.00	%		0.00	%

Expected Life in Years		1.00			1.00

Expected Price Volatility		20.00	%		20.00	%

- Definition

Tabular disclosure of the description of the plan, the basis for determining contributions, including the employee groups covered, and the nature and effect of significant matters affecting comparability of information for all periods presented. For leveraged ESOPs and pension reversion ESOPs, the disclosure may include the basis for releasing shares and how dividends on allocated and unallocated shares are used. Disclosure may also include a description of the accounting policies followed for ESOP transactions, including the method of measuring compensation, the classification of dividends on ESOP shares, and the treatment of ESOP shares for EPS computations. If the employer has both old ESOP shares for which it does not adopt the latest guidance and new ESOP shares for which the new guidance is required, the accounting policies for both blocks of shares may be described. Disclosure may also include he amount of compensation cost recognized during the period, the number of allocated shares, committed-to-be-released shares, and suspense shares held by the ESOP at the balance-sheet date, the fair value of unearned ESOP shares at the balance-sheet date for shares accounted for under the latest guidance, the existence and nature of any repurchase obligation, including disclosure of the fair value of the shares allocated as of the balance sheet date, which are subject to a repurchase obligation.

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