XML 53 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation Plan
 6 Months Ended
Jun. 30, 2013
Share-based Compensation [Abstract]  
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 9 months. Beginning during 2006, executive officers were granted restricted shares which vest over a 3 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, 2013 and 2012:
 
 
Six Months Ended
 
June 30,
 
2013
 
2012
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Nonvested, beginning of period
16,500

 
$
16.53

 
13,700

 
$
16.11

Granted
14,900

 
22.06

 
14,500

 
17.87

Vested
(9,699
)
 
16.47

 
(7,363
)
 
16.10

Forfeited
(651
)
 
16.75

 
(737
)
 
16.25

Nonvested, end of period
21,050

 
$
20.46

 
20,100

 
$
17.37