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Share-Based Compensation
 3 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
 
For the three month periods ended March 31, 2013 and 2012, share-based compensation cost recognized was $25,000 and $50,000, respectively. The recognized tax benefits for stock option compensation expense were $4,000 and $9,000, respectively, for the three month periods ended March 31, 2013 and 2012. 
The Company bases the fair value of the options granted on the date of grant using a Black-Scholes Merton option pricing model that uses assumptions based on expected option life and the level of estimated forfeitures, expected stock volatility, risk free interest rate, and dividend yield.  The expected term and level of estimated forfeitures of the Company’s options are based on the Company’s own historical experience.  Stock volatility is based on the historical volatility of the Company’s stock.  The risk-free rate is based on the U. S. Treasury yield curve for the periods within the contractual life of the options in effect at the time of grant.  The compensation cost for options granted is based on the weighted average grant date fair value per share.
     No options to purchase shares of the Company’s common stock were issued in the quarters ended March 31, 2013 and 2012 from either of the Company’s stock based compensation plans. 
A summary of the combined activity of the Company’s Stock Based Compensation Plans for the three month period ended March 31, 2013 follows:
 
 
 
Shares
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic Value (In thousands)
Options outstanding at January 1, 2013
 
499,289

 
$
8.78

 
 
 
 

Options exercised
 
(720
)
 
$
6.17

 
 
 
 

Options forfeited
 
(4,780
)
 
$
10.00

 
 
 
 

Options outstanding at March 31, 2013
 
493,789

 
$
8.77

 
4.37
 
$
499

Options vested or expected to vest at March 31, 2013
 
486,270

 
$
8.79

 
4.31
 
$
316

Options exercisable at March 31, 2013
 
355,829

 
$
9.36

 
2.68
 
$
307


 
The total intrinsic value of 720 options exercised in the three months ended March 31, 2013 was $2,000.
     Cash received from options exercised for the three months ended March 31, 2013 and 2012 was $4,000 and $235,000, respectively.  The actual tax benefit realized for the tax deductions from options exercised totaled $0 and $20,000 for the three months ended March 31, 2013 and 2012, respectively.
     As of March 31, 2013, there was $347,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under both plans.  The cost is expected to be recognized over a weighted average period of 3.78 years.