Stock Option Plan

12 Months Ended

Dec. 31, 2015

NOTE 10, Stock Option Plan

The Company's 1998 Stock Option Plan, pursuant to which stock options could be granted to key employees and non-employee directors, expired on March 9, 2008. Stock options that were outstanding on March 9, 2008 remained outstanding in accordance with their terms, but no new awards can be granted under the plan after March 9, 2008. At December 31, 2015, options to purchase 74,960 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 each option's maximum term is ten years.

Stock option plan activity for the year ended December 31, 2015 is summarized below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2015		81,210		$	20.05
Granted		0			0
Exercised		0			0
Canceled or expired		(6,250	)		20.05
Options outstanding, December 31, 2015		74,960		$	20.05		1.79		$	0
Options exercisable, December 31, 2015		74,960		$	20.05		1.79		$	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, 2015.This amount changes based on changes in the market value of the Company's common stock.

As of December 31, 2015, 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 granted or exercised during the years ended December 31, 2015 or December 31, 2014.

As of December 31, 2015 and December 31, 2014, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense.

Information pertaining to options outstanding at December 31, 2015 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
	$	20.05		74,960		1.79		$	20.05		74,960		$	20.05