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Stock Compensation
 6 Months Ended
Jun. 30, 2017
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 601,627 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  46,244  $19.33         
Granted  0   0.00         
Exercised  0   0.00         
Forfeited or expired  (26,141)  22.84         
Outstanding, June 30, 2017  20,103  $14.77   1.23  $124,252 
Exercisable, June 30, 2017  18,784  $14.77   1.23  $116,100 

 

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2017.

 

Total stock-based compensation expense was $1,000 and $2,000 for the three and six months ended June 30, 2017, respectively, compared to $5,000 and $11,000 for the three and six months ended June 30, 2016, respectively. As of June 30, 2017, the total unrecognized compensation expense related to non-vested stock awards was $1,000 and the related weighted average period over which it is expected to be recognized is approximately 0.23 years.