Share-Based Compensation

3 Months Ended

Mar. 31, 2013

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 4. Share-Based Compensation

Share-based compensation arrangements include stock options, restricted stock awards, performance-based awards, stock appreciation rights and employee stock purchase plans. Accounting standards require all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period.

There were no options granted in the first three months of 2013.

On March 9, 2008, the Company's 1998 Stock Option Plan expired. Options to purchase 154,460 shares of common stock were outstanding under the Company's 1998 Stock Option Plan at March 31, 2013. 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 activity for the three months ended March 31, 2013 is summarized below:

						Weighted
						Average
				Weighted		Remaining	Aggregate
				Average		Contractual	Intrinsic
				Exercise		Life	Value
	Shares			Price		(in years)	(in thousands)
Options outstanding, January 1, 2013		156,960		$	21.63
Granted		0			0
Exercised		0			0
Canceled or expired		(2,500	)		21.94
Options outstanding, March 31, 2013		154,460		$	21.63	3.21	$                     0
Options exercisable, March 31, 2013		154,460		$	21.63	3.21	$                     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 March 31, 2013. This amount changes based on changes in the market value of the Company's common stock. As of March 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 three months ended March 31, 2013.

As of March 31, 2013, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense.