Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

8.Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of June 30, 2014, and changes during the six months ended June 30, 2014, are presented below:



	Stock Options	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
Outstanding as of December 31, 2013	261,400	$	9.81	6.4	$	418,160
Granted	105,000		10.21	9.7		-
Exercised	-		-	-		-
Forfeited	-		-	-		-
Outstanding as of June 30, 2014	366,400	$	9.92	7.4	$	418,160
Exercisable as of June 30, 2014	204,066	$	11.07	6.0	$	240,712

As of June 30, 2014, there were 333,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Expense for stock-based compensation recorded for the six months ended June 30, 2014 and 2013 was approximately $100,000 and $119,000, respectively. At June 30, 2014, the Company had total stock-based compensation expense remaining to be recognized in the statement of earnings of approximately $0.5 million.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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