Stock Compensation

9 Months Ended

Sep. 30, 2013

(9) Stock Compensation

The Company’s stock option plan provides for the grant of options to purchase up to 547,492 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 11,578 shares that vested immediately.

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

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

Outstanding at beginning of period *	223,951		$	23.74
Granted	0		0.00
Exercised	0		0.00
Forfeited	0		0.00
Expired	(36,181	)	21.67
Outstanding at September 30, 2013	187,770		$	24.13	2.8	$	0
Exercisable at September 30, 2013	173,253		$	24.31	2.6	$	0

* Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2013.

Total stock-based compensation expense for the three months ended September 30, 2013 and 2012 was $5,000 and $7,000, respectively, and for the nine months ended September 30, 2013 and 2012 was $14,000 and $27,000, respectively. As of September 30, 2013, the total unrecognized compensation expense related to non-vested stock awards was $55,000 and the related weighted average period over which it is expected to be recognized is approximately 2 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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