Stock Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

(9)

Stock Compensation

The Company’s stock option plan provides for the grant of options to purchase up to 592,168 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.

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, beginning of period		100,361		$	21.56
Granted		0			0.00
Exercised		0			0.00
Forfeited or expired		(33,929	)		21.66
Outstanding, June 30, 2015		66,432		$	21.51		1.90	$	0.00
Exercisable, June 30, 2015		57,975		$	22.32		1.70	$	0.00

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2015.

Total stock-based compensation expense was not significant and $5,000 for the three and six months ended June 30, 2015, respectively, compared to $5,000 and $10,000 for the three and six months ended June 30, 2014, respectively. As of June 30, 2015, the total unrecognized compensation expense related to non-vested stock awards was $26,000 and the related weighted average period over which it is expected to be recognized is approximately 1.0 years.