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Stock Compensation
 3 Months Ended
Mar. 31, 2013
Stock Compensation [Abstract]  
STOCK COMPENSATION
3. 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 March 31, 2013, there was no unrecognized compensation cost related to nonvested stock options granted under this plan and no stock options were granted during the three month periods ended March 31, 2013 and 2012. At March 31, 2013 and December 31, 2012, the Corporation had 75,500 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 $83 and $59 for the three months ended March 31, 2013 and 2012, respectively. As of March 31, 2013, there was $991 of total unrecognized compensation cost related to unvested restricted stock awards.

 

A summary of changes in nonvested restricted stock awards for the three months ended March 31, 2013 follows:

 

                 
         

Per Share

Weighted Average

  
    Shares     Grant Date Fair Value  

Nonvested at beginning of period

     49,574     $ 15.37  

Granted

     31,500       17.10  

Vested

     (15,674 )      15.23  
   

 

 

    

 

 

  

Nonvested at end of period

     65,400     $ 16.24