Stock Option Plan

12 Months Ended

Dec. 31, 2013

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, 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	(12,149)	7.25
Forfeited	(51,846)	7.93
Options outstanding, December 31, 2013	111,371	10.73	1.6	$ -
Options exercisable, December 31, 2013	111,371	$ 10.73	1.6	$ -

The total approximate value of in-the-money options exercised during 2013 and 2012 respectively was $25 and $5. 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 ($)			Number of Options	Contractual Life	Exercise Price ($)
9.55	to	10.84	44,182	0.9 years	9.63
11.45	to	12.79	67,189	2.0 years	11.46
9.55	to	12.79	111,371	1.6 years	10.73

- 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+ Details