Stock Option Plan

12 Months Ended

Dec. 31, 2012

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, 2012, options to purchase 156,960 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 an option's maximum term is ten years.

Stock option plan activity for the year ended December 31, 2012 is summarized below:

						Weighted
						Average
				Weighted		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding, January 1, 2012		165,710		$	21.64
Granted		0			0
Exercised		0			0
Canceled or expired		(8,750	)		21.67
Options outstanding, December 31, 2012		156,960		$	21.63	3.46	$	0
Options exercisable, December 31, 2012		156,960		$	21.63	3.46	$	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, 2012.This amount changes based on changes in the market value of the Company's stock.

As of December 31, 2012, 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, 2012. 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.

As of December 31, 2012, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. Stock compensation expense was $82 thousand and $110 thousand during the years ended December 31, 2012 and 2011.

Information pertaining to options outstanding at December 31, 2012 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		65,750		1.60	$	23.83		65,750	$	23.83
	20.05		91,210		4.79		20.05		91,210		20.05
			156,960		3.46	$	21.63		156,960	$	21.63