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STOCK PLANS AND STOCK BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2013
STOCK PLANS AND STOCK BASED COMPENSATION  
Summary of stock option activity

 

 

 

 

Three Months Ended
March 31, 2013

 

 

 

Shares

 

Weighted
Average
Exercise Price

 

Outstanding, beginning of year

 

433,132

 

$

13.06

 

Granted

 

2,500

 

14.24

 

Exercised

 

(15,000

)

7.40

 

Forfeited or expired

 

(1,000

)

11.85

 

Outstanding, period end

 

419,632

 

$

13.27

 

Options exercisable at period end

 

329,622

 

$

13.81

 

Fully vested and expected to vest

 

411,602

 

$

13.30

 

 

Schedule of details of stock option outstanding

 

 

 

 

March 31,
2013

 

December 31,
2012

 

Stock options vested and currently exercisable:

 

 

 

 

 

Number

 

329,622

 

344,722

 

Weighted average exercise price

 

$

13.81

 

$

13.53

 

Aggregate intrinsic value

 

$

931

 

$

826

 

Weighted average remaining life (in years)

 

3.8

 

4.1

 

 

Schedule of unrecognized stock option compensation expense related to unvested awards

 

 

Year

 

(in thousands)

 

April 2013 - December 2013

 

$

108

 

2014

 

120

 

2015

 

113

 

2016

 

3

 

 

Summary of changes in the nonvested shares

 

 

 

 

Shares

 

Weighted Average Grant
Date Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2013

 

94,305

 

10.79

 

 

 

 

 

 

 

Granted

 

0

 

$

0

 

 

 

 

 

 

 

Vested

 

0

 

0

 

 

 

 

 

 

 

Forfeited

 

0

 

0

 

 

 

 

 

 

 

Nonvested at March 31, 2013

 

94,305

 

$

10.79

 

Schedule of shares awarded

 

 

Quarter

 

Year

 

Shares

 

Price Per Share

 

2 Q

 

2011

 

6,750

 

$

9.53

 

3 Q

 

2011

 

7,902

 

$

8.80

 

4 Q

 

2011

 

9,130

 

$

9.44

 

1Q

 

2012

 

8,750

 

$

9.29

 

2Q

 

2012

 

7,200

 

$

11.83

 

3Q

 

2012

 

7,200

 

$

11.58

 

4Q

 

2012

 

7,200

 

$

12.25

 

1Q

 

2013

 

7,200

 

$

13.38