Stock Option Plan

12 Months Ended

Dec. 31, 2013

Stock Option Plan [Abstract]

Stock Option Plan

NOTE 9, Stock Option Plan

On March 9, 2008, the Company's 1998 stock option plan expired. At December 31, 2013, options to purchase 151,335 shares of common stock granted under the stock option plan were outstanding. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and an option's maximum term is ten years.

Stock option plan activity for the year ended December 31, 2013 is summarized below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2013		156,960		$	21.63
Granted		0			0
Exercised		0			0
Canceled or expired		(5,625	)		21.04
Options outstanding, December 31, 2013		151,335		$	21.66		2.43		$	0
Options exercisable, December 31, 2013		151,335		$	21.66		2.43		$	0

The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2013.This amount changes based on changes in the market value of the Company's stock.

As of December 31, 2013, the outstanding options had no intrinsic value because the exercise prices of all outstanding options were above the market value of a share of the Company's common stock.

No options were exercised during the year ended December 31, 2013 or December 31, 2012.

As of December 31, 2013, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. Stock compensation expense was $82 thousand during the year ended December 31, 2012.

Information pertaining to options outstanding at December 31, 2013 is as follows:

			Options Outstanding							Options Exercisable
Range of Exercise Prices			Number Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price			Number Exercisable		Weighted Average Exercise Price
	$	23.83		64,500		0.60		$	23.83		64,500		$	23.83
		20.05		86,835		3.79			20.05		86,835			20.05
				151,335		2.43		$	21.66		151,335		$	21.66