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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2014
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 held on April 25, 2006 and the Norwood Financial Corp 2014 Equity Incentive Plan at the Annual Meeting held on April 22, 2014.  No awards were granted during the nine month period ending September 30, 2014. As of September 30, 2014, there was $37,000 of total unrecognized compensation cost related to non-vested options granted in 2013 under the 2006 Stock Option Plan, which will be fully amortized by December 31, 2014. 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Average Exercise

 

Weighted Average

 

Aggregate

 

 

 

Price

 

Remaining

 

Intrinsic Value

 

Options

 

Per Share

 

Contractual Term

 

($000)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2014
219,540 

 

$
26.64 

 
6.1 

Yrs.

 

$
147 

Granted

 -

 

 

 -

 

 -

 

 

 

-

Exercised
8,278 

 

 
27.49 

 
3.3 

 

 

 
15 

Forfeited

 -

 

 

 -

 

 -

 

 

 

-

Outstanding at September 30, 2014
211,262 

 

 
26.61 

 
5.3 

 

 

 
422 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2014
183,762 

 

$
26.54 

 
4.8 

Yrs.

 

$
379 

 

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 $28.60 as of September 30, 2014 and $26.90 as of December 31, 2013.