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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Share-based Compensation [Abstract]  
Fair Value of Options Granted
The following table illustrates the assumptions for the Black-Scholes model used in determining the fair value of options granted to employees for the years ended December 31, 2013 and 2012.

 

2013

2012
Expected dividend yield

2%

1%
Risk-free interest rate

1.95%

1.34%
Expected life of options (in years)

7.5 – 7.5 years

6.4 – 7.5 years
Expected volatility of stock price

47.5% - 48.0%

47.4% - 50.9%
Stock Based Compensation Recognized As Compensation Expense
Total stock-based compensation recognized as compensation expense on our consolidated statement of income is as follows:

 
 
2013
 
2012
Option Grants
 
$
39

 
$
50

Restricted Stock Grants
 
193

 
162

Total Compensation Expense
 
$
232

 
$
212
Maturity Schedule Of The Unrecognized Compensation Cost
A maturity schedule of the unrecognized compensation cost (dollars in thousands) as of December 31, 2013 is as follows:

 
Year
Compensation Costs
2014
$
36

2015
30

2016
29

2017
24

2018
14

Total
$
133
Summary Of Stock Option Activity
A summary of option activity during the twelve months ended December 31, 2013 and 2012 is presented below: 
 
December 31, 2013
Options Outstanding
Weighted Avg. Exercise Price
Weighted Avg. Grant Date Fair Value
Aggregate Intrinsic Value
Weighted Avg. Contractual Term
Balances at December 31, 2012
208,750

$
8.80

$
2.93

$
370

4.83 years
Granted
27,500

10.20

4.15

 

 
Exercised
(600
)
6.52

1.42

2

 
Forfeited
(1,700
)
9.71

3.32

—

 
Expired
(12,700
)
10.32

1.09

 

 
Balances at December 31, 2013
221,250

8.88

3.19

533

4.80 years
Exercisable at December 31, 2013
175,448

$
9.09

$
3.17

$
418

3.80 years
December 31, 2012
 
 
 
 
 
Balances at December 31, 2011
221,290

$
8.59

$
2.74

$
62

5.28 years
Granted
7,000

7.51

3.31

 

 
Exercised
(4,800
)
6.36

1.09

12

 
Forfeited
(1,640
)
10.07

3.97

 

 
Expired
(13,100
)
5.33

0.51

 

 
Balances at December 31, 2012
208,750

8.80

2.93

370

4.83 years
Exercisable at December 31, 2012
169,128

$
9.63

$
3.17

$
218

4.25 years
Information Regarding Stock Options Outstanding
Information regarding the stock options outstanding at December 31, 2013 is summarized below:
Range of
Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price, Outstanding
 
Number
Exercisable
 
Weighted
Average
Exercise Price, Exercisable
$3.02 - $5.85
 
44,800

 
6.2 years
 
$
3.60

 
30,498

 
$
3.43

$5.86-$8.64
 
38,100

 
5.2 years
 
6.08

 
36,420

 
6.02

$8.65 - $11.44
 
60,750

 
6.9 years
 
9.74

 
30,930

 
9.38

$11.45 - $14.23
 
77,600

 
2.1 years
 
12.64

 
77,600

 
12.64

Totals
 
221,250

 
4.8 years
 
$
8.88

 
175,448

 
$
9.09
Summary Of Nonvested Options
A summary of the status of the Company’s non-vested options as of December 31, 2013 and 2012 and changes during the years then ended is presented below:

 
 
 
Non-Vested Options Outstanding
 
Weighted Average Grant Date Fair Value
Non-vested options,
12/31/11
 
59,992

 
$
1.94

Granted
 
 
7,000

 
 

Vested
 
 
(27,370
)
 
 

Forfeited
 
 
—

 
 

Non-vested options,
12/31/12
 
39,622

 
$
1.90

Granted
 
 
27,500

 
 

Vested
 
 
(20,920
)
 
 

Forfeited
 
 
(400
)
 
 

Non-vested options,
12/31/13
 
45,802

 
$
3.25
Summary Of Restricted Stock Activity
A summary of restricted stock activity during the twelve months ended December 31, 2013 and 2012 is presented below:

 
December 31, 2013
December 31, 2012
 
Non-Vested
Restricted Stock
Outstanding
Weighted Average
Grant Date
Fair Value
Non-Vested
Restricted Stock
Outstanding
Weighted Average
Grant Date
Fair Value
Beginning balance outstanding
11,730

$
4.05

37,460

$
3.68

Granted
20,872

8.90

18,442

5.52

Vested
(32,602
)
7.15

(44,172
)
4.35

Ending balance outstanding
—

$
—

11,730

$
4.05