Stock Options, ESOP, and Restricted Shares (Tables)

3 Months Ended

Mar. 31, 2013

A summary of the activity in the 2010 Plan for the three months ended March 31, 2013, is presented in the following table:


	Three Months Ended March 31, 2013

	Shares	Average Exercise Price	Aggregate Intrinsic Value (1)

Outstanding at December 31, 2012	236,062	$ 11.50	-
Granted	-	N/A	-
Exercised	-	N/A	-
Forfeited	-	N/A	-


Outstanding at March 31, 2013	236,062	$ 11.50	$ 1,581,615


Options exercisable at March 31, 2013	94,425	$ 11.50	$ 632,646

(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2013. This amount changes based on changes in the market value of the Company’s stock.

Information regarding options outstanding and exercisable

Other information regarding options outstanding and exercisable as of March 31, 2013, is as follows:


	Options Outstanding				Options Exercisable

Exercise Price	Number of Shares	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life In Years	Number of Shares		Weighted- Average Exercise Price

$ 11.50	236,062	$ 11.50	7.75	94,425		$ 11.50

Non-vested options

Information pertaining to non-vested options for the three months ended March 31, 2013, is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value

Non-vested options, December 31, 2012	141,637	$ 1.27
Granted	-	-
Vested	-	-
Forfeited	-	-


Non-vested options, March 31, 2013	141,637	$ 1.27

Summary of activity for unvested restricted awards

A summary of activity for unvested restricted awards for the three months ended March 31, 2013 is as follows:


	Number	Grant Date Weighted- Average Cost

Unvested at December 31, 2012	92,205	$ 13.45
Shares awarded	-	-
Restrictions lapsed and shares released	(18,885)	12.75
Shares forfeited	-	-

Unvested at March 31, 2013	73,320	$ 13.63

ESOP shares

A detail of ESOP shares as of March 31, 2013 and December 31, 2012, is as follows:


	2013	2012

Allocated shares	44,436	44,436
Unallocated shares	177,744	177,744

Total ESOP shares	222,180	222,180

Fair value of unreleased shares	$ 3,234,941	$ 2,934,553

- 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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