Stock Option Plan

12 Months Ended

Dec. 31, 2011

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, 2011, options to purchase 165,710 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, 2011 is summarized below:

						Weighted
						Average
				Weighted		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding, January 1, 2011		225,127		$	19.62
Granted		0			0
Exercised		(22,020	)		12.91
Canceled or expired		(37,397	)		14.66
Options outstanding, December 31, 2011		165,710		$	21.64	4.46	$	0
Options exercisable, December 31, 2011		146,468		$	21.84	4.28	$	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, 2011.This amount changes based on changes in the market value of the Company's stock.

As of December 31, 2011, 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 in-the-money options were exercised during the year ended December 31, 2011. However, six option-holders chose to exercise options where the option price was greater than the current market value. Proceeds from these exercises were $284 thousand. The total proceeds of the in-the-money options exercised during the years ended December 31, 2010 and 2009 were $246 thousand and $138 thousand. Total intrinsic value of options exercised during the years ended December 31, 2010 and 2009 was $65 thousand and $83 thousand, respectively.

As of December 31, 2011, there was $84 thousand in unrecognized compensation expense related to nonvested options, which is expected to be recognized over a weighted-average period of nine months. Stock compensation expense was $110 thousand, $114 thousand and $111 thousand during the years ended December 31, 2011, 2010 and 2009.

Information pertaining to options outstanding at December 31, 2011 is as follows:

		Options Outstanding						Options Exercisable
				Weighted
				Average		Weighted				Weighted
Range of				Remaining		Average				Average
Exercise		Number		Contractual		Exercise		Number		Exercise
Prices		Outstanding		Life		Price		Exercisable		Price
$	23.83		69,500		2.61	$	23.83		69,500	$	23.83
	20.05		96,210		5.79		20.05		76,968		20.05
			165,710		4.46	$	21.64		146,468	$	21.84