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Stock Compensation
9 Months Ended
Sep. 30, 2011
Stock Compensation [Abstract] 
Stock Compensation
(8)   Stock Compensation

Our Company’s stock option plan provides for the grant of options to purchase up to 506,188 shares of our Company’s common stock to officers and other key employees of our Company and its subsidiaries. All options have been granted at exercise prices equal to fair value and vest over periods ranging from four to five years, except options issued in 2008 to acquire 10,705 shares that vested immediately.

The following table summarizes our Company’s stock option activity:

 

                                 
    Number
of Shares		     Weighted
Average
Exercise
Price		     Weighted
Average
Contractual
Term
(in years)		     Aggregate
Intrinsic
Value
(000)		  

Outstanding at January 1, 2011 *

     260,466     $ 24.44                  

Granted

     —         —                    

Exercised

     —         —                    

Forfeited

     —         —                    

Expired

     —         —                    
   

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding at September 30, 2011

     260,466     $ 24.44       3.8     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at September 30, 2011

     233,706     $ 24.53       3.5     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

 

* Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2011.

Total stock-based compensation expense for the three months ended September 30, 2011 and 2010, was $12,000 and $19,000, respectively, and for the nine months ended September 30, 2011 and 2010 was $46,000 and $68,000, respectively. As of September 30, 2011, the total unrecognized compensation expense related to non-vested stock awards was $110,000 and the related weighted average period over which it is expected to be recognized is approximately three years.