Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded:

	Nine Months Ended
	September 30,
	2013			2012
Weighted average fair value of grants	$	3.34		$	2.03
Risk-free interest rate		1.97	%		2.03	%
Dividend yield		1.32	%		1.24	%
Expected volatility		25.84	%		22.04	%
Expected life in months		74			68

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Activity under the stock-based compensation plans as of September 30, 2013 and changes during the nine months ended September 30, 2013 were as follows:

				Weighted-
		Weighted-		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value
Outstanding at December 31, 2012	183,574	$	9.92
Granted – options	41,639		12.95
Exercised	(2,268)		9.14
Canceled/expired	(25,883)		10.88
Forfeited	(8,682)		10.58
Outstanding at September 30, 2013	188,380		10.55	6.25	$	705,001
Exercisable at September 30, 2013	119,827	$	10.06	4.74	$	510,991

- 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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