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Shareholders' Equity
 9 Months Ended
Sep. 30, 2014
Shareholders' Equity [Abstract]  
Shareholders' Equity
8)      Shareholders' Equity

Common Stock

2001 Stock Compensation Plan.  The 2001 Stock Compensation Plan terminated on April 23, 2013 and, accordingly, no shares have been issued under this plan subsequent to that date.  During the nine months ended September 30, 2013, the Company issued 30,000 shares of common stock to eligible officers of the Company under the plan and recorded $48,000 in compensation expense.

The following table details the changes in common stock during the nine months ended September 30, 2014:

       
(Amounts in thousands, except for share amounts)
 
      
Additional
 
  
Common Stock
  
Paid-In
 
  
Shares
  
Amount
  
Capital
 
       
 Balance January 1, 2014
  
27,735,878
  
$
277
  
$
123,510
 
 Exercise of employee stock options
  
157,950
   
2
   
(64
)
 Exercise of outside director options
  
12,112
   
--
   
8
 
 Expense of employee options vesting
  
--
   
--
   
192
 
 Expense of outside director options vesting
  
--
   
--
   
75
 
             
 Balance September 30, 2014
  
27,905,940
  
$
279
  
$
123,721
 

Stock Option Plans

The following table represents the activity in employee stock options and non-employee director stock options for the nine months ended September 30, 2014:


  
Employee Stock Options
  
Director Stock Options
 
    
Weighted
    
Weighted
 
    
Average
    
Average
 
    
Exercise
    
Exercise
 
  
Options
  
Price
  
Options
  
Price
 
         
Outstanding balance at December 31, 2013
  
2,500,949
  
$
3.60
   
146,000
  
$
2.93
 
Granted
  
--
  
$
--
   
60,000
  
$
3.77
 
Forfeited
  
(3,333
)
 
$
2.32
   
--
  
$
--
 
Expired
  
--
  
$
--
   
--
  
$
--
 
Exercised
  
(400,203
)
 
$
2.46
   
(27,334
)
 
$
2.53
 
Outstanding at September 30, 2014
  
2,097,413
  
$
3.82
   
178,666
  
$
3.28
 
Exercisable at September 30, 2014
  
1,905,747
  
$
3.99
   
82,333
  
$
3.30
 
                 
Weighted Average Remaining Contractual Life - Years
   
3.87
       
8.14
 
                 
Aggregate intrinsic value of options outstanding ($ Thousands)
  
$
679
      
$
58
 


Employee Stock Option Plans.  During the three months ended September 30, 2014 and 2013, we recorded $106,000 and $44,000, respectively, in compensation expense for employee stock options.  During the nine months ended September 30, 2014 and 2013, we recorded $192,000 and $76,000, respectively, in compensation expense for employee stock options.  As of September 30, 2014, there was $200,000 of total unrecognized compensation cost related to employee stock options, which is expected to be amortized over a weighted average period of 1.53 years.  The aggregate intrinsic value of employee stock options exercised during the three and nine months ended September 30, 2014 was $19,000 and $743,000, respectively.

Director Stock Option Plans.  During the three and nine months ended September 30, 2014, we issued 60,000 options to non-employee directors under the 2008 Stock Option Plan for Independent Directors.  The options were issued at the closing price of $3.77 on the date of grant, vest over a three year period and expire ten years from the date of grant.  These options were valued under the Black-Scholes pricing model using a risk free interest rate of 2.06%, expected life of six years and expected volatility of 65.4469%.  During the three months ended September 30, 2014 and 2013, we recorded $15,000 and $16,000, respectively, in expense for options issued to non-employee directors.  During the nine months ended September 30, 2014 and 2013, we recorded $75,000 and $47,000, respectively, in expense for options issued to non-employee directors.  As of September 30, 2014, there was $168,000 of total unrecognized compensation cost related to director stock options, which is expected to be amortized over a weighted average period of 2.60 years.  The aggregate intrinsic value of director stock options exercised during the three and nine months ended September 30, 2014 was $17,000 and $45,000, respectively.