STOCK INCENTIVE PLANS

12 Months Ended

Dec. 31, 2015

Note 7.

STOCK INCENTIVE PLANS

The Company has various stock incentive plans that provide for the granting of stock options, nonqualified stock options, SARs, restricted stock, performance units or shares and other incentive awards to certain employees and directors. Options have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over a three-year period, and are exercisable not less than twelve months or more than ten years after the date of grant. Each SAR entitles the holder to receive cash, upon vesting, equal to the excess of the fair market value of a share of the Company’s common stock on the date of exercise over the fair market value of such share on the date granted. SARs have been granted at or above the market price of the Company’s stock at the date of grant, typically vest over periods up to three years, and expire ten years from the date of issue. No more than 50% of the cumulative number of vested SARs held by an employee can be exercised in any one calendar year.

There are no authorized shares available for grant under the Company's stock option plan as of December 31, 2015 due to the expiration of previously approved plans. A summary of the status of the Company’s stock option plans as of December 31, 2015, and changed during the year then ended is presented in the table below:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)

Outstanding at January 1, 2015		6,000	$	3.69

Granted		-	$	-
Exercised		-	$	-
Expired		6,000	$	3.69
Cancelled		-	$	-

Outstanding at December 31, 2015		-	$	-	0.0 years	$	-

Vested and Exercisable at December 31, 2015		-	$	-	0.0 years	$	-

A summary of the status of the Company’s SARs Plan as of December 31, 2015, and changes during the year then ended, is presented in the table below:

	SARs

Non-Vested at January 1, 2015		-

Granted		4,000
Vested		(4,000	)
Cancelled		-

Non-Vested at December 31, 2015		-

Total Outstanding at December 31, 2015		35,000

At December 31, 2015 and December 31, 2014, the aggregate liability related to SARs was $32,000 and $47,000, respectively, and is included in accrued expenses in the Consolidated Balance Sheets.

See Note 2 for a discussion of accounting for stock awards and related fair value disclosures.