Stock Based Compensation Plans

12 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation Plans

Stock-Based Compensation Plans

The Company has historically maintained equity compensation plans that provided for the grant of awards to its officers, directors and employees. From January 2009 to May 2012, the Company did not maintain equity compensation plans. A new equity compensation plan was approved by shareholders in May 2012 that allows for the grant of stock option and restricted stock awards. However, no new options or restricted stock shares have been granted under either the prior or current plans since 2008. A limited number of awards remain unexercised or unvested under the plans that expired in 2009.

Total stock-based compensation expense (benefit) recognized in the consolidated statement of operations for the years ended December 31, 2012, 2011, and 2010 was $122,000, $216,000, and $361,000 before income taxes, respectively. Total expense related to stock-based compensation for 2012 and 2011 is comprised of restricted stock expense.

Stock option transactions for all of the above described plans are summarized as follows:

	Number of Shares		Weighted Average Exercise Price		Exercise Price Per Share	Weighted Average Remaining life (Years)
Balance, January 1, 2010	25,517		$	63.56	$27.94 — 132.00	2.69
Options granted	—		—		—
Options exercised	—		—		—
Options forfeited and canceled	(1,746	)	73.72		27.91 — 131.96
Outstanding, December 31, 2010	23,771		62.81		37.00— 131.96	1.85
Options granted	—		—		—
Options exercised	—		—		—
Options forfeited and canceled	(7,184	)	44.00		37.23 — 129.47
Outstanding, December 31, 2011	16,587		70.95		41.50 — 132.00	1.44
Options granted	—		—		—
Options exercised	—		—		—
Options forfeited and canceled	(3,175	)	49.44		41.50 — 132.00
Outstanding, December 31, 2012	13,412		$	76.05	$46.58 — 132.00	0.69

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The aggregate intrinsic value before applicable income taxes of the options listed above is the amount that would have been received by the holder had all options been exercised on that date. Based on the Company’s closing stock price at December 31, 2012, 2011, and 2010, this amount was $0 at each of those dates, respectively.

The following table presents information about the options as of December 31, 2012:

	Total Outstanding				Exercisable
Range of Exercise Price	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Number of Shares	Weighted Average Exercise Price
$44.17 - $63.33	9,501	$	54.00	0.37	9,501	$	54.00
$120.83 to $140.00	3,911	129.60		1.44	3,911	129.60
	13,412	$	76.05	0.69	13,412	$	76.05

During each of the years ended December 31, 2012, 2011, and 2010, the intrinsic value of stock options exercised was $0, $0 and $0, and the total fair value of the options vested was $0, $0 and $0, respectively.

As of December 31, 2012, total unrecognized stock-based compensation expense related to non-vested restricted stock grants was approximately $13,000, which was expected to be recognized over a period of approximately 2 months.

Restricted stock transactions are summarized as follows:

	Number of Shares		Weighted Average Grant Date Fair Value
Nonvested shares
Balance, January 1, 2010	7,305		$	157.10
Shares granted	—		—
Shares vested	(2,741	)	165.50
Shares forfeited and canceled	(480	)	159.10
Balance, December 31, 2010	4,084		151.20
Shares granted	—		—
Shares vested	(2,179	)	178.40
Shares forfeited and canceled	(135	)	151.20
Balance, December 31, 2011	1,770		167.50
Shares granted	—		—
Shares vested	(1,110	)	170.26
Shares forfeited and canceled	(117	)	155.98
Balance, December 31, 2012	543		$	144.59