Stock Compensation

12 Months Ended

Dec. 31, 2015

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

(12)	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.

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

										Weighted average						Weighted average						Aggregate
	Number of shares									exercise price						Contractual Term						Intrinsic Value
	December 31									December 31						(in years)						($000)
	2015			2014			2013			2015		2014		2013		2015		2014		2013		2015		2014		2013
Outstanding, beginning of year		100,361			131,366			242,304		$	21.56	$	22.32	$	21.95
Granted		0			0			0			0.00		0.00		0.00
Exercised		0			0			0			0.00		0.00		0.00
Forfeited or expired		(37,616	)		(31,005	)		(110,938	)		21.65		24.76		21.51
Outstanding, end of year		62,745			100,361			131,366		$	21.50	$	21.56	$	22.32		1.41		1.93		2.51	$	0.00	$	0.00	$	0.00
Exercisable, end of year		55,262			88,586			115,663		$	22.25	$	21.95	$	22.58		1.24		1.75		2.30	$	0.00	$	0.00	$	0.00

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

Total stock-based compensation expense for the years ended December 31, 2015, 2014, and 2013 was $10,000, $20,000, and $19,000, respectively. As of December 31, 2015, the total unrecognized compensation expense related to non-vested stock awards was $20,000 and the related weighted average period over which it is expected to be recognized is approximately 0.57 years. No stock options were granted during the years presented above.