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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2013
Stock-Based Compensation [Abstract] |
STOCK-BASED COMPENSATION | NOTE 9 – STOCK-BASED COMPENSATION The Company has three stock-based compensation plans (the Plans), as described below. Total compensation cost that was charged to income for those Plans totaled $21 and $6, respectively, for the three months ended March 31, 2013 and 2012. The total income tax (expense) benefit was not material for the three months ended March 31, 2013 and 2012. The o riginal Plans, which are stockholder-approved, provide for stock option grants and restricted stock awards to directors, officers and employees. The 1999 Stock-Based Incentive Plan, which expired July 13, 2009, provided 38,778 shares for stock option grants and 15,511 shares for restricted stock awards. The 2003 Equity Compensation Plan (2003 Plan), as amended and restated, provided an aggregate of 100,000 shares for stock option grants and restricted stock awards, of which up to 30,000 shares could be awarded in the form of restricted stock awards. The 2009 Equity Compensation Plan, which was approved by stockholders on May 21, 2009, replaced the 2003 Plan and provides 200,000 shares, plus any remaining shares available to grant or that are later forfeited or expire under the 2003 Plan, that may be issued as stock option grants, stock appreciation rights or restricted stock awards. Stock Options The Plans permit the grant of stock options to directors, officers and employees for up to 338,778 shares of common stock. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally have vesting periods ranging from one to three years, and are exercisable for ten years from the date of grant. Unvested stock options immediately vest upon a change in control. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. Employee and management options are tracked separately. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of the options granted during the three months ended March 31, 2013 was determined using the following weighted‑average assumptions as of the grant dates as listed in the table below. There were no options granted during the three months ended March 31, 2012.
| Three months ended
| March 31, 2013
Risk-free interest rate | 1.32%
Expected term (years) | 7
Expected stock price volatility | 80%
Dividend yield | 0%
A summary of stock option activity in the Plans for the three months ended March 31, 2013 follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Intrinsic Value
Outstanding at beginning of year | 234,696 |  | $ | 4.29 |  |  |  |  |
Granted | 30,000 |  |  | 1.50 |  |  |  |  |
Exercised | - |  |  | - |  |  |  |  |
Expired |  |  |  |  |  |  |  |  |
Cancelled or Forfeited | (5,620) |  |  | 24.95 |  |  |  |  |
Outstanding at end of year | 259,076 |  | $ | 3.52 |  | 9.3 |  | $ | -
Expected to vest | 237,880 |  | $ | 1.34 |  | 9.7 |  | $ | -
Exercisable at end of period | 21,196 |  | $ | 27.98 |  | 4.8 |  | $ | -
During the three months ended March 31, 2013, there were 5,620 stock options canceled or forfeited. Previously recognized expense associated with nonvested forfeited shares is reversed. Information related to the Plans during the three months ended March 31, 2013 and 2012 follows. There were 30,000 shares granted during the three month ended March 31, 2013 and no stock options granted during the three months ended March 31, 2012. There were no options exercised during the three months ended March 31, 2013 or 2012.
| Three months ended March 31,
| 2013 |  | 2012
Weighted average fair value of options granted | $ | 1.08 |  | n/a
As of March 31, 2013, there was $154 of total unrecognized compensation cost related to nonvested stock options granted under the Plans. The cost is expected to be recognized over a weighted-average period of 1.7 years. Substantially all of the 237,880 nonvested stock options at March 31, 2013 are expected to vest. Restricted Stock Awards The Plans permit the grant of restricted stock awards to directors, officers and employees. Compensation is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock was determined using the closing share price on the date of grant and shares generally have vesting periods of one to three years. There were 15,962 shares available to be issued, net of option awards under the Plans at March 31, 2013. There were no shares of restricted stock issued during the three months ended March 31, 2013 and 2012. A summary of changes in the Company’s nonvested restricted shares for the three months ended March 31, 2013 follows:
Nonvested Shares | Shares |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2013 | 1,400 |  | $ | 6.61
Granted | - |  |  | -
Vested | - |  |  | -
Forfeited | (1,000) |  |  | 7.25
Nonvested at March 31, 2013 | 400 |  | $ | 5.00
During the three months ended March 31, 2013, 1,000 shares were forfeited, which resulted in the reversal of previously recognized expense associated with the nonvested shares. As of March 31, 2013, the total unrecognized compensation cost related to nonvested restricted shares granted under the Plans was immaterial. There were no shares vested during the three months ended, March 31, 2013 and 2012.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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