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Stock-Based Compensation Plan
 6 Months Ended
Jun. 30, 2011
Stock-Based Compensation Plan  
Stock-Based Compensation Plan
NOTE 2.  Stock-Based Compensation Plan

 

During 2003, the Company's shareholders approved a stock incentive plan which allows key employees and directors to increase their personal financial interest in the Company.  This plan permits the issuance of incentive stock options and non-qualified stock options and the award of stock appreciation rights, common stock, restricted stock, and phantom stock.  The plan authorizes the issuance of up to 300,000 shares of common stock.

 

The Company periodically grants Restricted Stock to its directors and executive officers.  Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures.  During the restriction period, all shares are considered outstanding and dividends are paid to the grantee.  In general, outside directors are periodically granted restricted shares which vest over a period of less than six months.  Beginning during 2006, executive officers were granted restricted shares which vest over a three year service period and restricted shares which vest based on meeting annual performance measures.  The Company recognizes compensation expense over the restricted period.  The following table presents Restricted Stock activity for the six months ended June 30, 2011 and 2010:

 

 

 

 

 

 

Six Months Ended June 30,

 

2011

  

2010

     

Weighted

      

Weighted

     

Average

      

Average

     

Grant Date

      

Grant Date

 

Shares

  

Fair Value

  

Shares

  

Fair Value

Nonvested, beginning of period

        12,772

 

 $       16.89

 

        13,335

 

 $       20.00

Granted

        12,300

 

          16.76

 

        12,900

 

          16.14

Vested

        (5,691)

  

          17.26

 

        (3,936)

  

          22.06

Forfeited

        (2,081)

  

          18.38

 

        (4,160)

  

          19.87

Nonvested, end of period

        17,300

 

 $       16.50

 

18,139

 

 $       16.83