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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2013
Stock-Based Compensation [Abstract]  
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 52,470 options in 2006, 24,200 options in 2007, 26,400 options in 2008, 29,700 options in 2009, 30,800 options in 2010, 31,900 in 2011 30,250 in 2012, and 1,000 shares in 2013 all of which have a twelve month vesting period. As of March 31, 2013, there was $121,000 of total unrecognized compensation cost related to non-vested options granted in 2012 and 2013 under the plan, which will be fully amortized by December 31, 2013. All share and per share data has been adjusted to reflect the retroactive effect of the 10% stock dividend declared during the period ended March 31, 2013.

 

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, 2013

226,739

 

 

$

26.27

 

 

 6.1

 Yrs.

 

$

256

 

Granted

1,100

 

 

 

27.55

 

 

9.7

Yrs.

 

 

30

 

Exercised

           (6,270)

 

 

 

22.62

 

 

2.9

Yrs

 

 

-

 

Forfeited

(5,583)

 

 

 

27.89

 

 

4.3

Yrs.

 

 

- 

 

Outstanding at March 31, 2013

215,986

 

 

$

26.34

 

 

6.0

 Yrs.

 

$

347        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at March 31, 2013

184,636

 

 

$

26.22

 

 

5.3

 Yrs.

 

$

324         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

            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 $30.60 as of March 31, 2013 and $29.75 as of December 31, 2012.