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STOCK PLANS AND STOCK BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2012
STOCK PLANS AND STOCK BASED COMPENSATION  
Summary of stock option activity

 

 

 

 

Six Months Ended
June 30, 2012

 

 

 

Shares

 

Weighted
Average
Exercise Price

 

Outstanding, beginning of year

 

403,223

 

$

13.15

 

Granted

 

66,000

 

11.73

 

Exercised

 

(10,000

)

(5.40

)

Forfeited or expired

 

(9,681

)

(13.02

)

Outstanding, period end

 

449,542

 

$

13.12

 

Options exercisable at period end

 

300,302

 

$

14.27

 

Fully vested and expected to vest

 

439,343

 

$

13.17

 

 

Schedule of details of stock option outstanding

 

 

 

 

June 30,
2012

 

December 31,
2011

 

Stock options vested and currently exercisable:

 

 

 

 

 

Number

 

300,302

 

311,154

 

Weighted average exercise price

 

$

14.27

 

$

14.19

 

Aggregate intrinsic value

 

$

549

 

$

294

 

Weighted average remaining life (in years)

 

3.8

 

4.5

 

 

Schedule of unrecognized stock option compensation expense related to unvested awards

 

 

Year

 

(in thousands)

 

July 2012 - December 2012

 

$

86

 

2013

 

105

 

2014

 

111

 

2015

 

93

 

 

Summary of changes in the nonvested shares

 

 

 

 

Shares

 

Weighted Average Grant
Date Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2012

 

46,244

 

$

9.68

 

 

 

 

 

 

 

Granted

 

48,061

 

11.85

 

 

 

 

 

 

 

Vested

 

0

 

0

 

 

 

 

 

 

 

Forfeited

 

0

 

0

 

 

 

 

 

 

 

Nonvested at June 30, 2012

 

94,305

 

$

10.79

 

 

Schedule of shares awarded

 

 

Quarter

 

Year

 

Shares

 

2 Q

 

2011

 

6,750

 

3 Q

 

2011

 

7,902

 

4 Q

 

2011

 

9,130

 

1 Q

 

2012

 

8,750

 

2 Q

 

2012

 

7,200