Stock Compensation

6 Months Ended

Jun. 30, 2011

Stock Compensation [Abstract]

Stock Compensation

(8) Stock Compensation

     Our Company’s stock option plan provides for the grant of options to purchase up to 506,188 shares of our Company’s common stock to officers and other key employees of our Company and its subsidiaries. All options have been granted at exercise prices equal to fair value and vest over periods ranging from four to five years, except options issued in 2008 to acquire 10,705 shares that vested immediately.

     The following table summarizes our Company’s stock option activity:

					Weighted
			Weighted		Average		Aggregate
	Number		Average		Contractual		Intrinsic
	of		Exercise		Term		Value
	Shares		Price		(in years)		(000)
Outstanding at January 1, 2011 *		260,466	$	24.44
Granted		—		—
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding at June 30, 2011		260,466	$	24.44		4.0	$	—
Exercisable at June 30, 2011		227,635	$	24.69		3.7	$	—

* Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2011.

     Total stock-based compensation expense for the three months ended June 30, 2011 and 2010, was $12,000 and $19,000, respectively, and for the six months ended June 30, 2011 and 2010 was $34,000 and $48,000, respectively. As of June 30, 2011, the total unrecognized compensation expense related to non-vested stock awards was $123,000 and the related weighted average period over which it is expected to be recognized is approximately three years.