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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2012
Stock Based Compensation [Abstract]  
Stock Options Activity

 

 2012

2011

 

 

 

 

 

Shares

 

Weighted Average     Exercise Price

 

 

 

 

Shares

 

Weighted Average     Exercise Price

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

318,002

 

 

$9.89

 

 

368,437

 

 

$9.21

 

 

 

 

 

 

 

 

 

Granted

 

-

 

-

 

15,000

 

13.30

Exercised

 

(24,985)

 

7.09

 

(62,185)

 

6.82

Expired/Forfeited

 

(750)

 

6.76 

 

(3,250)

 

7.23 

 

 

 

 

 

 

 

 

 

Outstanding at end of year

 

 

292,267

 

 

$10.13

 

 

318,002

 

 

$9.89

 

 

 

 

 

 

 

 

 

Options exercisable at end of year

 

 

272,142

 

 

$10.27

 

 

257,252

 

 

$10.44

 

Stock Options By Exercise Price Range

 

 

 

 

Range of Exercise Price

 

 

 

Options Outstanding

 

Weighted Average Remaining Contractual Life in Years

 

 

Weighted Average Exercise Price

 

 

 

 

Options Exercisable

 

 

 

Weighted Average Exercise Price

 

  $     5.007.50

92,267 

 

6.3 

 

$
6.22 

 

92,267 

 

$
6.22 

 

  $     7.5111.25

80,500 

 

7.1 

 

$
8.33 

 

60,375 

 

$
8.35 

 

  $     11.2616.50

90,000 

 

4.0 

 

$
13.52 

 

90,000 

 

$
13.52 

 

  $     16.5117.25

29,500 

 

1.6 

 

$
16.94 

 

29,500 

 

$
16.94 

 

                   Total

292,267 

 

5.3 

 

$
10.13 

 

272,142 

 

$
10.27 

 

 

Stock Options Granted, Assumptions And Results

 

 

 

2011

 

Dividend yield

 

 

0.00%

 

Expected volatility

 

 

50%

 

Risk-free interest rate

 

 

2.02%

 

Expected term of options in years

 

 

5.5

 

Fair value of options on grant date

 

 

$93,750

 

 

Stock Appreciation Rights Valuation Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31, 2012

 

Expected dividend yield

 

 

0.00 

%

Expected weighted-average volatility

 

 

47.8 

%

Risk-free interest rate

 

 

1.65 

%

Expected term of SARs (in years)

 

 

10.25 

 

 

Stock Appreciation Rights Award Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SARs

 

Fair Value (*)

Non-vested SARs at December 31, 2011

 

 

 

 

Granted

 

 

165,000 

 

$

4.72 

Vested

 

 

(15,000)

 

$

4.72 

Cancellations

 

 

 

 

Non-vested SARs at December 31, 2012

 

 

150,000 

 

$

4.72 

 

 

 

 

*Weighted-average