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Stock Compensation
 12 Months Ended
Dec. 31, 2012
Stock Compensation [Abstract]  
Stock Compensation
(11) Stock Compensation

The Company’s stock option plan provides for the grant of options to purchase up to 526,435 shares of the Company’s common stock to officers and other key employees of the 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 11,133 shares that vested immediately.

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

 

                                                 
                      Weighted average  
    Number of shares     exercise price  
    December 31     December 31  
    2012     2011     2010     2012     2011     2010  

Outstanding, beginning of year

     270,634       270,835       310,263     $ 23.51     $ 23.50     $ 22.29  

Granted

     0       0       0       0.00       0.00       0.00  

Exercised

     0       0       0       0.00       0.00       0.00  

Forfeited

     0       0       0       0.00       0.00       0.00  

Expired

     (55,291 )      (201 )      (39,428 )      18.92       17.96       13.96  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding, end of year

     215,343       270,634       270,835     $ 24.68     $ 23.51     $ 23.50  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable, end of year

     197,713       242,970       226,100     $ 24.76     $ 23.59     $ 23.58  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2012.

Options outstanding at December 31, 2012 had a weighted average remaining contractual life of approximately 3.0 years and no intrinsic value. Options outstanding at December 31, 2011 had a remaining contractual life of approximately 3.5 years and no intrinsic value. No stock options were granted during the years presented above.

Options exercisable at December 31, 2012 had a weighted average remaining contractual life of approximately 2.8 years and no intrinsic value. Options exercisable at December 31, 2011 had a weighted average remaining contractual life of approximately 3.3 years and no intrinsic value. No stock options were exercised during the years presented above.

Total stock-based compensation expense for the years ended December 31, 2012, 2011, and 2010 was $29,000, $58,000, and $87,000, respectively. As of December 31, 2012, the total unrecognized compensation expense related to non-vested stock awards was $68,000 and the related weighted average period over which it is expected to be recognized is approximately 2 years.