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Equity Incentive Plan
 3 Months Ended
Mar. 31, 2013
Equity Incentive Plan  
Equity Incentive Plan

(9)          Equity Incentive Plan

 

At March 31, 2013, the Company had one equity incentive plan, which was described more fully in Note 13 of the consolidated financial statements and notes thereto for the year ended December 31, 2012.

 

The following table presents the activity for the plan for the three months ended March 31, 2013.

 

 

 

Stock Options

 

 

 

Number of
 Shares

 

Weighted
 Average
 Exercise
 Price

 

 

 

 

 

 

 

Outstanding at beginning of year

 

40,681

 

$

9.49

 

Granted

 

22,000

 

$

14.00

 

 

 

 

 

 

 

Outstanding at end of period

 

62,681

 

$

11.07

 

 

 

 

 

 

 

Exercisable at end of period

 

20,459

 

 

 

 

 

 

 

 

 

Weighted average fair value of options granted during the period

 

$

5.31

 

 

 

 

Options Outstanding

 

Options Exercisable

 

Number

 

Weighted-Average

 

Weighted

 

Number

 

Weighted

 

Outstanding

 

Remaining

 

Average

 

Exercisable

 

Average

 

as of 03/31/2013

 

Contractual Life

 

Exercise Price

 

as of 03/31/2013

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

13,323

 

6.90 Years

 

$

9.33

 

10,153

 

$

9.33

 

14,761

 

7.90 Years

 

$

9.55

 

7,289

 

$

9.55

 

12,597

 

8.90 Years

 

$

9.58

 

3,017

 

$

9.58

 

22,000

 

9.90 Years

 

$

14.00

 

—

 

 

 

62,681

 

8.59 Years

 

$

11.07

 

20,459

 

$

9.45

 

 

 

 

Non-vested

 

 

 

Restricted Stock

 

 

 

Number of
Shares

 

Weighted
Average
Grant Date
Value

 

 

 

 

 

 

 

Outstanding at beginning of year

 

30,281

 

$

8.49

 

Granted

 

22,000

 

$

12.76

 

Vested

 

(10,056

)

$

8.31

 

 

 

 

 

 

 

Outstanding at end of period

 

42,225

 

$

10.76

 

 

As of March 31, 2013, unrecognized share-based compensation expense related to non-vested options amounted to $187,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $438,000. Both amounts are expected to be recognized over a weighted average period of 3.9 years.

 

For the three months ended March 31, 2013, the Company recognized compensation expense for stock options of $11,000 with a related tax benefit of $2,000. The related tax benefit applies only to non-qualified stock options. For the three months ended March 31, 2013, the Company recognized compensation expense for restricted stock awards of $25,000 with a related tax benefit of $10,000.