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Stock Compensation
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Compensation
(10) Stock Compensation

 

The Company has one equity compensation plan for its employees pursuant to which options were granted.

 

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, 2017     20,909     $ 14.20                  
Granted     0       0.00                  
Exercised     (20,909 )     14.20                  
Forfeited or expired     0       0.00                  
Outstanding, September 30, 2018     0     $ 0.00       0.00     $ 0  
Exercisable, September 30, 2018     0     $ 0.00       0.00     $ 0  

 

Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2018.

 

Total stock-based compensation expense was $0 for the three and nine months ended September 30, 2018 compared to $1,000 and $3,000 for the three and nine months ended September 30, 2017, respectively. As of December 31, 2017, there was no remaining unrecognized compensation expense related to non-vested stock awards. The Plan expired on February 28, 2010, except as to outstanding options under the Plan, and no further options may be granted pursuant to the Plan. During the third quarter of 2018, the remaining 20,909 options to purchase common shares were exercised at a weighted average price of $14.20 a share.