Effective July 1, 2009, the Company implemented the 2009 Plan, which the Company's stockholders approved on June 19, 2009. The 2009 Plan was preceded by the 1998 Stock Incentive Plan (“1998 Plan”), which expired by its terms on October 7, 2008. The 2009 Plan provided for the grants of non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, performance shares, and other awards to officers, employee and other individuals. Under the terms of the 2009 Plan, stock options have a maximum term of ten years from the date of grant, and have various vesting criteria depending on the grant with most grants vesting ratably over four years. At December 31, 2014, stock options for 166,616 shares of common stock were outstanding, stock options for 148,837 shares of common stock were vested, and 6,490,553 shares of common stock that had not been issued remained available for future stock options grants and other awards. Awards made under the 1998 Plan prior to its expiration are still in effect.

Total share-based compensation expense was $52,000, $42,000 and $33,000 for the twelve months ended December 31, 2014, 2013 and 2012, respectively. Related tax benefits of $18,000, $15,000 and $11,000 were recognized for the twelve months ended December 31, 2014, 2013 and 2012, respectively.

The Company’s stock option activity for the year ended December 31, 2014 was as follows:

	No. of	Weighted
	Shares	Average
	Under	Exercise
	Option	Price

Balance, December 31, 2013	222,285	$	11.46

Expired	(62,336)		14.58
Exercised	(6,667)		4.87
Granted	13,334		10.80

Balance, December 31, 2014	166,616	$	10.50

During 2014, AMIC received $33,000 in cash from the exercise of stock options with an aggregate intrinsic value of $38,000. No options were exercised during the years ended December 31, 2013 or 2012.

Compensation expense was $52,000, $42,000, and $33,000 for the twelve months ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, there was approximately $83,000 of total unrecognized compensation expense related to non-vested options which will be recognized over the remaining requisite service periods.

The following table summarizes information regarding outstanding and exercisable options as of December 31, 2014:

The fair value of an option award is estimated on the date of grant using the Black-Scholes option valuation model. The weighted average grant-date fair-value of options granted during the twelve months ended December 31, 2014, 2013 and 2012 was $5.70, $4.04 and $0 per share, respectively. The assumptions set forth in the table below were used to value the stock options granted during the twelve months ended December 31, 2014 and 2013. No options were granted in 2012.

		December 31,
		2014		2013

Weighted-average risk-free interest rate		2.72%		2.30%
Annual dividend rate per share	$	-	$	-
Weighted-average volatility factor of the Company's common stock		38.27		45.00
Weighted-average expected term of options		5 years		5 years