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Stock Compensation
 6 Months Ended
Jun. 30, 2012
Stock Compensation [Abstract]  
STOCK COMPENSATION

2.    STOCK COMPENSATION

The Corporation has a stock incentive plan for key employees and independent directors. The stock incentive plan, which is administered by a committee of the Board of Directors, provides for aggregate grants of up to 500,000 shares of common stock in the form of nonqualified options or restricted stock. For key employees, the plan vesting is one-fourth of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the fourth anniversary of the grant. For independent directors, the vesting schedule is one-third of the granted options per year beginning one year after the grant date, with 100% vested on the third anniversary of the grant.

At June 30, 2012, there was no unrecognized compensation cost related to nonvested stock options granted under this plan, and no stock options were granted during the three or six month periods ended June 30, 2012. At June 30, 2012 and December 31, 2011, the Corporation had 107,375 stock options that were fully vested and exercisable.

Compensation expense for the restricted stock awards is recognized over the requisite service period noted above based on the fair value of the shares at the date of grant. Nonvested restricted stock awards are recorded as a reduction of additional paid-in capital in shareholders’ equity until earned. Compensation expense resulting from these restricted stock awards was $73 and $132 for the three and six months ended June 30, 2012, and $49 and $102 for the three and six months ended June 30, 2011. As of June 30, 2012, there was $681 of total unrecognized compensation cost related to nonvested restricted stock awards.

A summary of changes in nonvested restricted stock awards for the three months ended June 30, 2012 follows:

 

                 
     Shares     Weighted Average
Grant Date Fair Value		  

Nonvested at beginning of period

     52,829     $ 15.39  

Granted

     0       0  

Vested

     0       0  

Forfeited

     0       0  
   

 

 

    

 

 

  

Nonvested at end of period

     52,829     $ 15.39  
   

 

 

    

 

 

  

 

A summary of changes in unvested restricted stock awards for the six months ended June 30, 2012 follows:

 

                 
     Shares     Weighted Average
Grant Date Fair Value		  

Nonvested at beginning of period

     35,613     $ 15.08  

Granted

     26,900       15.57  

Vested

     (9,684 )      14.77  

Forfeited

     0       0  
   

 

 

    

 

 

  

Nonvested at end of period

     52,829     $ 15.39