Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Information regarding Bancorp’s stock option plan as of and for the years ended December 31, 2013 and 2012 is as follows:

				Weighted		Weighted
				Average		Average		Aggregate
				Grant Date		Remaining		Intrinsic
	Shares			FV Price		Life		Value
Options outstanding, December 31, 2011		100,000		$	4.21
Options granted		-			-
Options exercised		-			-
Options forfeited		(19,000	)		4.13
Options outstanding, December 31, 2012		81,000			4.23
Options granted		260,000			4.17
Options exercised		-			-
Options forfeited		(22,000	)		3.61
Options outstanding, December 31, 2013		319,000			4.23		3.71	$	-
Options exercisable, December 31, 2013		82,617			4.05		2.15	$	-
Option price range at December 31, 2013		$ 3.37 to $5.31

Stock options valuation assumptions

The stock-based compensation expense amounts were derived using the Black-Scholes option-pricing model. The following weighted average assumptions were used in 2013 to value options granted in current and prior periods presented.

Expected life of options	5.0 years
Risk-free interest rate		1.09	%
Expected volatility		79.14	%
Expected dividend yield		0.00	%
Weighted average fair value	$	2.58

Summary of nonvested options in stock option plan

The following table summarizes the nonvested options in Bancorp’s stock option plan as of December 31, 2013.

				Weighted
				Average
	Shares			Grant Date Fair Value
Nonvested options outstanding, December 31, 2012		35,775		$	4.23
Nonvested options granted		260,000			4.17
Nonvested options vested		(37,392	)		3.82
Nonvested options forfeited		(22,000	)		3.61
Nonvested options outstanding, December 31, 2013		236,383		$	4.29