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Stock Option Plan
 12 Months Ended
Dec. 31, 2012
Stock Option Plan [Abstract]  
Stock Option Plan

Note 15 – Stock option plan

 

On October 21, 1999, the Board of Directors adopted the “1999 Stock Option Plan” for officers and employees.     The ability to grant shares under the 1999 Stock Option Plan expired on October 21, 2009. The plan expired with 25,832 shares not granted.

 

Stock option plan activity for the year ended December 31, 2012 is summarized below:

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

Weighted

Average

 

 

 

Average

Remaining

Average

 

 

Exercise

Contractual

Intrinsic

 

Shares

Price

Life (in years)

Value

 

 

 

 

 

Options outstanding, January 1, 2012
216,886 

$        8.83 

 

 

Granted

 -

 -

 

 

Exercised
(10,307)
5.20 

 

 

Forfeited
(31,213)

$        5.36 

 

 

Options outstanding, December 31, 2012
175,366 
9.66 
2.1 

$              - 

Options exercisable, December 31, 2012
175,366 

$        9.66 
2.1 

$              - 

 

 

 

 

The total approximate value of in-the-money options exercised during 2012 and 2011 respectively was $5 and $9.  There is no additional unrecognized compensation expense related to option awards associated with the 1999 Stock Option Plan.

 

The following is summarized information concerning currently outstanding and exercisable options as adjusted for all stock dividends previously declared and paid:

 

 

 

 

 

 

 

Options Outstanding and Exercisable

Range of Exercise

 

Remaining

Weighted Average

Prices ($)

Number of Options

Contractual Life

Exercise Price ($)
6.71 

to
7.73 
60,541 

1.3 years
7.63 
9.55 

to
10.84 
45,623 

1.9 years
9.62 
11.45 

to
12.79 
69,202 

3.0 years
11.46 
6.71 

to
12.79 
175,366 

2.1 years
9.66