Stock Option Plans

12 Months Ended

Dec. 31, 2011

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock Option Plans

Note 13:  Stock Option Plans

The Company’s original Incentive Stock Option Plan (the “1995 Plan”), which was shareholder approved, permitted the grant of stock options to its directors, officers and other key employees. The 1995 Plan authorized the grant of options for up to 238,050 shares of the Company’s common stock which generally vested at a rate of 20 percent a year and have a 10-year contractual life. 21,458 shares from the 1995 Plan were outstanding at December 31, 2011. The Company’s 2007 Incentive Stock Option Plan (“2007 Plan”), which is shareholder approved, also permits the grant of stock options to its directors, officers and other key employees. The 2007 Plan authorized the grant of options for up to 81,000 shares of the Company’s common stock, which generally vest at a rate of 20 percent a year and have a 10-year contractual term. 6,750 shares from the 2007 Plan were outstanding at December 31, 2011. The Company believes that such awards better align the interests of its directors and employees with those of its shareholders. Option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 1995 and 2007 Plans). The Company issues shares from its authorized shares to satisfy option exercises. There were 3,750 options granted under the 2007 Plan during 2011.

A summary of option activity under the 1995 and 2007 Plans as of December 31, 2011, and changes during the year then ended, is presented below:

	2011
	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of year		36,785		$	17.82
Granted		3,750			16.00
Exercised		(12,327	)		12.43
Outstanding, end of year		28,208		$	19.94	3.96 years	$	0
Exercisable, end of year		22,058		$	21.68	2.61 years	$	0

There were no options forfeited or expired during the years ended December 31, 2011 and 2010.

As of December 31, 2011, there was $9,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of four years.