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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2012
Fair Value of Options Granted, Determined, Using Weighted-Average Assumptions

The fair value of options granted was determined using the following weighted-average assumptions as of grant date.

 

     2012     2011     2010  

Risk-free interest rate

     1.23     2.98     2.62

Expected term (years)

     7        7        7   

Expected stock price volatility

     78     46     46

Dividend yield

     0     1.41     3.77
Summary of Stock Option Activity in Plans

A summary of stock option activity in the Plans for 2012 follows:

 

     Shares     Weighted
Average
Exercise Price
     Weighted
Average
Remaining
Contractual Term
(Years)
     Intrinsic Value  

Outstanding at beginning of year

     43,298      $ 24.87         

Granted

     205,000        1.28         

Exercised

     —          —           

Expired

     —          —           

Cancelled or Forfeited

     (13,602     24.48         
  

 

 

   

 

 

       

Outstanding at end of year

     234,696      $ 4.29         9.3       $  —     
  

 

 

   

 

 

    

 

 

    

 

 

 

Expected to vest

     209,080      $ 1.35         9.9       $ —     
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at end of period

     25,616      $ 28.27         4.9       $ —     
  

 

 

   

 

 

    

 

 

    

 

 

 
Information Related to Plans

Information related to the stock option Plans during each year follows. There were no options exercised in 2012 or 2011.

 

     2012      2011      2010  

Intrinsic value of options exercised

   $ —         $ —         $ —     

Cash received from option exercises

     —           —           —     

Tax benefit realized from option exercises

     —           —           —     

Weighted average fair value of options granted

   $ 0.91       $ 0.75       $ 0.31   
Summary of Changes in Company's Nonvested Restricted Shares

A summary of changes in the Company’s nonvested restricted shares for the year follows:

 

Nonvested Shares

   Shares     Weighted
Average Grant-
Date Fair Value
 

Nonvested at January 1, 2012

     4,800      $ 6.88   

Granted

     —          —     

Vested

     (2,400     6.88   

Forfeited

     (1,000     7.25   
  

 

 

   

 

 

 

Nonvested at December 31, 2012

     1,400      $ 6.61