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Stock Compensation
 3 Months Ended
Mar. 31, 2013
Stock Compensation [Abstract]  
Stock Compensation
(9) 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:

 

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

Outstanding at beginning of period*

     215,343     $ 24.68                  

Granted

     0       0.00                  

Exercised

     0       0.00                  

Forfeited

     0       0.00                  

Expired

     (34,097 )      22.62                  
   

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding at March 31, 2013

     181,246     $ 25.07       3.3     $ 0  
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at March 31, 2013

     165,350     $ 25.21       3.1     $ 0  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

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

Total stock-based compensation expense for the three months ended March 31, 2013 and 2012 was $2,000 and $11,000, respectively. As of March 31, 2013, the total unrecognized compensation expense related to non-vested stock awards was $66,000 and the related weighted average period over which it is expected to be recognized is approximately 2 years.