Total share-based compensation expense was $11,000 and $16,000 for the three months ended June 30, 2015 and 2014, respectively, and $22,000 and $27,000 for the six months ended June 30, 2015 and 2014, respectively. Related tax benefits of $4,000 and $5,000 were recognized for the three months ended June 30, 2015 and 2014, respectively, and $8,000 and $10,000 for the six months ended June 30, 2015 and 2014, respectively.

Under the terms of the Company’s stock-based compensation plan, option exercise prices are equal to the quoted market price of the shares at the date of grant; option terms are ten years; and vesting periods range from three to four years. The Company may also grant shares of restricted stock, stock appreciation rights and share-based performance awards. Restricted shares are valued at the quoted market price of the shares at the date of grant, and have a three year vesting period.

The following table summarizes information regarding outstanding and exercisable options as of June 30, 2015:

The Company’s stock option activity for the six months ended June 30, 2015 is as follows:

	No. of	Weighted
	Shares	Average
	Under	Exercise
	Option	Price

Balance, December 31, 2014	166,616	$	10.50

Expired	(53,500)		13.92

Balance, June 30, 2015	113,116	$	8.88

Compensation expense of $11,000 and $16,000 was recognized for the three months ended June 30, 2015 and 2014, respectively, and $22,000 and $27,000 for the six months ended June 30, 2015 and 2014, respectively, for the portion of the fair value of stock options vesting during that period.

As of June 30, 2015, there was approximately $62,000 of total unrecognized compensation expense related to non-vested options that will be recognized over the remaining requisite service periods.