Stock Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

(9)

Stock Compensation

The Company’s stock option plan provides for the grant of options to purchase up to 569,392 shares of the Company’s common stock to officers and other key employees of the 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.

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

						Weighted
				Weighted		Average		Aggregate
	Number			average		Contractual		Intrinsic
	of			Exercise		Term		Value
	Shares			Price		(in years)		($000)
Outstanding, beginning of period		126,286		$	23.21
Granted		0			0.00
Exercised		0			0.00
Forfeited		(9,884	)		22.57
Expired		(18,990	)		27.86
Outstanding, September 30, 2014		97,412		$	22.37		2.20	$	0.00
Exercisable, September 30, 2014		86,091		$	22.76		2.00	$	0.00

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2014.

Total stock-based compensation expense was $5,000 and $15,000 for the three and nine months ended September 30, 2014, respectively, and $7,000 and $14,000 for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, the total unrecognized compensation expense related to non-vested stock awards was $35,000 and the related weighted average period over which it is expected to be recognized is approximately 1.4 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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