XML 24 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Stock-Based Compensation
9 Months Ended
Sep. 30, 2011
Stock-based Compensation 
Stock-based Compensation
3.   Stock-Based Compensation
 
The Company's shareholders approved the Norwood Financial Corp 2006 Stock Option Plan at the annual meeting on April 25, 2006 and the Company awarded 47,700 options in 2006, 22,000 options in 2007, 24,000 options in 2008, 27,000 options in 2009, 28,000 options in 2010 and 1,000 in 2011, all of which have a twelve month vesting period. As of September 30, 2011, there was $44,000 of total unrecognized compensation cost related to non-vested options granted in 2010 and 2011 under the plan, which will be fully amortized by December 31, 2011.

A summary of stock options from all plans, adjusted for stock dividends declared, is shown below.

 
Options
    
Weighted
Average Exercise
Price
Per Share
  
Weighted
Average
Remaining
Contractual Term
  
Aggregate
Intrinsic
Value ($000)
  
                           
Outstanding at January 1, 2011
189,639
    
$
28.52
    
 6.6
 Yrs.
  
$
146
  
Granted
1,000
      
26.27
    
9.75
 Yrs.
    
-
  
Exercised
            -
      
-
    
-
      
-
  
Outstanding at September 30, 2011
190,639
    
$
28.51
    
5.8
 Yrs.
  
$
44
  
                           
Exercisable at September 30, 2011
162,639
    
$
28.65
    
4.4
 Yrs.
  
$
44
  
                           

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option.  The stock price was $24.02 as of September 30, 2011 and $27.77 as of December 31, 2010.  During the nine months ended September 30, 2011, no stock options were exercised.