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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2013
Share-Based Compensation |
Share-Based Compensation | 9. Share-Based Compensation The total compensation expense recognized for share-based compensation was $106,000 and $112,000 for the three months ended September 30, 2013 and 2012, respectively, and $319,000 and $379,000 for the nine months ended September 30, 2013 and 2012, respectively. There was no tax benefit or expense related thereto for each period presented. Recognized stock compensation was reduced for estimated forfeitures prior to vesting primarily based on historical annual forfeiture rates of approximately 2.9% and 3.2%, as of September 30, 2013 and 2012, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. Executive officers and management were awarded an incentive bonus of $133,100 and $150,300 in February 2013 and 2012, respectively, based on meeting certain performance metrics included in the Executive and Key Management Compensation Plan. In accordance with the plan, the incentive award was settled through the issuance of 33,187 and 39,294 shares of common stock in February 2013 and 2012, respectively. Stock Options A summary of stock option award activity as of and for the nine months ended September 30, 2013 is as follows:
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  | Weighted |  | Weighted |  | Average |  | Aggregate |
|  |  |  | Average |  | Average |  | Remaining |  | Intrinsic |
|  |  |  | Exercise |  | Grant-Date |  | Contractual |  | Value |
|  | Shares |  | Price |  | Fair Value |  | Term (years) |  | $(000)(1) |
Outstanding at December 31, 2012 |  | 79,000 |  | $ | 23.52 |  |  |  |  |  |  |
Forfeited or cancelled |  | (19,000 | ) | $ | 35.82 |  | $ | 12.29 |  |  |  |  |
Outstanding at September 30, 2013 |  | 60,000 |  | $ | 19.63 |  | $ | 7.33 |  | 3.6 |  | $ | — |
Exercisable at September 30, 2013 |  | 55,000 |  | $ | 20.94 |  | $ | 7.77 |  | 3.4 |  | $ | — |
Expected to vest at September 30, 2013 (2) |  | 3,600 |  | $ | 5.20 |  | $ | 2.48 |  | 5.4 |  | $ | — |
(1) For in-the-money options (2) Options expected to vest reflect estimated forfeitures There were no stock options granted or exercised during the nine months ended September 30, 2013 or 2012. The fair values of shares vested during the nine months ended September 30, 2013 and 2012 were $12,000 and $79,000, respectively. As of September 30, 2013, there was $5,000 of total unamortized compensation expense for awards granted under the stock option plans that is expected to be recognized over a weighted average period of 0.4 years. Restricted Stock During the nine months ended September 30, 2013, 55,944 shares of restricted stock vested as directors’ and management’s service requirements were met. A summary of restricted stock activity as of and for the nine months ended September 30, 2013 is as follows:
|  |  |  | Weighted |
|  |  |  | Average |
|  |  |  | Grant-Date |
|  | Shares |  | Fair Value |
Nonvested balance at December 31, 2012 |  | 94,137 |  | $ | 5.56 |
Granted |  | 12,000 |  | $ | 4.35 |
Vested |  | (55,944 | ) | $ | 4.77 |
Nonvested balance at September 30, 2013 |  | 50,193 |  | $ | 5.73 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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