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Stock Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Compensation
(10) Stock Compensation

 

The Company’s stock option plan provides for the grant of options to purchase up to 553,361 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     65,270     $ 20.68                  
Granted     0       0.00                  
Exercised     0       0.00                  
Forfeited or expired     (20,812 )     21.89                  
Outstanding, June 30, 2016     44,458     $ 20.11       1.50     $ 0.00  
Exercisable, June 30, 2016     36,675     $ 21.11       1.34     $ 0.00  

 

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2016.

 

Total stock-based compensation expense was $5,000 and $11,000 for the three and six months ended June 30, 2016, respectively, compared to $0 and $5,000 for both the three and six months ended June 30, 2015, respectively. As of June 30, 2016, the total unrecognized compensation expense related to non-vested stock awards was $9,000 and the related weighted average period over which it is expected to be recognized is approximately 0.42 years.