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Stock Based Compensation
 3 Months Ended
Mar. 31, 2013
Stock Based Compensation [Abstract]  
Stock Based Compensation

 

Note 4 – Stock Based Compensation

Accounting standards require companies to recognize the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant.

 

Stock option plan activity for the three months ended March 31, 2013 is summarized below:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

Weighted

Average

 

 

 

Average

Remaining

Average

 

 

Exercise

Contractual

Intrinsic

 

Shares

Price

Life (in years)

Value

 

 

 

 

 

Options outstanding, January 1, 2013
175,366 

$        9.66 

 

 

Granted

 -

 -

 

 

Exercised

 -

 -

 

 

Forfeited

 -

$              - 

 

 

Options outstanding, March 31, 2013
175,366 
9.66 
1.8 

$      2,998 

Options exercisable, March 31, 2013
175,366 

$        9.66 
1.8 

$      2,998 

Intrinsic value is calculated by subtracting exercise price of option shares from the market price of underlying shares and multiplying that amount by the number of options outstanding.  No intrinsic value exists where the exercise price is greater than the market price on a given date.

All compensation expense related to the foregoing stock option plan has been recognized.  The Company’s ability to grant additional options shares under the 1999 Plan has expired.