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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

 

 

2012

 

2011

 

Number of options granted

 

 

25,000 

 

 

127,000 

 

Weighted average exercise price

 

$

6.00 

 

$

6.54 

 

Weighted average fair value of options

 

$

2.33 

 

$

3.02 

 

Expected life in years (1)

 

 

5.07 

 

 

4.59 

 

Expected volatility (2)

 

 

43.61 

%

 

55.69 

%

Risk-free interest rate (3)

 

 

0.77 

%

 

0.98 

%

Dividend yield (4)

 

 

 -

%

 

 -

%

 

Transactions Under The Company's Stock Option Plans [Table Text Block]

Transactions under the Company’s stock option plans for 2012 and 2011 are summarized in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted average exercise price

 

Weighted average remaining contractual life (in years)

 

Aggregate intrinsic value

Outstanding at December 31, 2010

 

 

775,468 

   

$

5.90 

   

 

3.9 

   

$

1,049,184 

Options granted

 

 

127,000 

   

   

6.54 

   

 

   

   

   

   

Options exercised

 

 

(233,105)

   

   

3.39 

   

 

   

   

   

   

Options forfeited

 

 

(2,890)

   

   

3.98 

   

 

   

   

   

   

Options expired

 

 

(23,267)

   

   

9.62 

   

 

   

   

   

   

Outstanding at December 31, 2011

 

 

643,206 

   

$

6.80 

   

 

5.3 

   

$

517,867 

Options granted

 

 

25,000 

   

   

6.00 

   

 

   

   

   

   

Options exercised

 

 

(117,240)

   

   

4.99 

   

 

   

   

   

   

Options forfeited

 

 

(12,499)

   

   

6.06 

   

 

   

   

   

   

Options expired

 

 

(22,135)

   

   

9.73 

   

 

   

   

   

   

Outstanding at December 31, 2012

 

 

516,332 

   

$

7.06 

   

 

5.4 

   

$

327,725 

Exercisable at December 31, 2012

 

 

415,837 

   

$

7.21 

   

 

4.6 

   

$

322,325 

 

Information About Stock Options Outstanding [TableTextBlock]

The following table summarizes information about stock options outstanding and exercisable at December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

Options outstanding

 

Options exercisable

Range of exercise prices

 

Options outstanding

 

Weighted average remaining contractual life (in years)

 

Weighted average exercise price

 

Options exercisable

 

Weighted average exercise price

$

0.00 - 4.00

   

   

119,750 

 

   

6.4 

 

$

3.87 

 

   

119,750 

   

$

3.87 

 

4.01 - 8.00

   

   

231,675 

 

   

7.4 

 

   

6.51 

 

   

131,180 

   

   

6.59 

 

8.01 - 12.00

   

   

120,256 

 

   

1.2 

 

   

9.22 

 

   

120,256 

   

   

9.22 

 

12.01 - 16.00

   

   

44,651 

 

   

4.1 

 

   

12.62 

 

   

44,651 

   

   

12.62 

 

Total

   

   

516,332 

 

   

5.4 

 

$

7.06 

 

   

415,837 

   

$

7.21 

 

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

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

 

2012

 

2011

Compensation expense

 

$

148,996 

 

$

127,286 

Income tax benefit

 

 

54,458 

 

 

49,159 

 

Information About Options Exercised [TableTextBlock]

 

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options.  The following table presents information about options exercised during 2012 and 2011:

 

 

 

 

 

 

 

 

   

 

For the years ended December 31,

   

 

2012

 

2011

Number of options exercised

 

   

117,240 

   

   

233,105 

Total intrinsic value of options exercised

 

121,973 

   

$

753,440 

Cash received from options exercised

 

   

185,976 

   

   

449,717 

Tax deduction realized from options exercised

 

   

43,319 

   

   

298,494 

 

Restricted Stock Grants [TableTextBlock]

Restricted stock awards granted during the years ended December 31, 2012 and 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

 

2012

 

2011

Number of shares granted

 

 

29,500 

 

 

68,500 

Average grant date fair value

 

$

6.07 

 

$

6.49 

 

Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

 

   

 

Shares

 

Average grant date fair value

Nonvested restricted stock at December 31, 2011

 

   

93,684 

 

$

6.06 

Granted

 

   

29,500 

 

 

6.07 

Vested

 

   

(29,209)

 

 

5.90 

Forfeited

 

   

(3,000)

 

 

6.15 

Nonvested restricted stock at December 31, 2012

 

   

90,975 

 

$

6.10 

 

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

 

 

 

 

 

 

 

 

 

For the years ended December 31,

 

 

2012

 

2011

Compensation expense

 

$

160,509 

 

$

93,916