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Stock Compensation
 9 Months Ended
Sep. 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, December 31, 2016     46,244     $ 19.33                  
Granted     0       0.00                  
Exercised     0       0.00                  
Forfeited or expired     (26,141 )     22.84                  
Outstanding, September 30, 2017     20,103     $ 14.77       0.98     $ 119,226  
Exercisable, September 30, 2017     20,103     $ 14.77       0.98     $ 119,226  
                                 
Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2017.  

 

Total stock-based compensation expense was $1,000 and $3,000 for the three and nine months ended September 30, 2017, respectively, compared to $5,000 and $16,000 for the three and nine months ended September 30, 2016, respectively. As of September 30, 2017, there was no remaining unrecognized compensation expense related to non-vested stock awards.