| Summary of the status of options under the Company's Plans |
Summary of the status of options under the Company’s total Plans and a Non-Qualified Stock Option Agreement (which was forfeited in the second quarter of 2013), as of December 31, 2013 and 2012, and changes during the years ending on those dates is presented below, giving the effect to the reverse stock split:
|
|
2013 |
|
|
2012 |
|
|
Shares |
|
|
Weighted
Average
Exercise
Price
|
|
|
Intrinsic
Value (a)
|
|
|
Shares |
|
|
Weighted
Average
Exercise
Price
|
|
|
Intrinsic
Value (a)
|
|
1993 Non-qualified Stock Option Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
70,500 |
|
|
$ |
10.95 |
|
|
|
|
|
|
71,600 |
|
|
$ |
10.95 |
|
|
|
|
Exercised |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(70,500 |
) |
|
|
10.95 |
|
|
|
|
|
|
|
(1,100 |
) |
|
|
10.95 |
|
|
|
|
|
Balance at end of year |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
70,500 |
|
|
|
10.95 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
70,500 |
|
|
|
10.95 |
|
|
$ |
— |
|
1992 Outside Directors Stock Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
3,000 |
|
|
$ |
10.10 |
|
|
|
|
|
|
|
11,000 |
|
|
$ |
12.23 |
|
|
|
|
|
Forfeited |
|
|
(3,000 |
) |
|
|
10.10 |
|
|
|
|
|
|
|
(8,000 |
) |
|
|
13.65 |
|
|
|
|
|
Balance at end of year |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
3,000 |
|
|
|
10.10 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
3,000 |
|
|
|
10.10 |
|
|
$ |
— |
|
2003 Outside Directors Stock Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
163,200 |
|
|
$ |
10.19 |
|
|
|
|
|
|
|
151,200 |
|
|
$ |
10.56 |
|
|
|
|
|
Granted |
|
|
24,000 |
|
|
|
2.89 |
|
|
|
|
|
|
|
12,000 |
|
|
|
5.50 |
|
|
|
|
|
Forfeited |
|
|
(18,000 |
) |
|
|
9.95 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Balance at end of year |
|
|
169,200 |
|
|
|
9.18 |
|
|
$ |
5,850 |
|
|
|
163,200 |
|
|
|
10.19 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
145,200 |
|
|
|
10.22 |
|
|
$ |
— |
|
|
|
151,200 |
|
|
|
10.56 |
|
|
$ |
— |
|
2004 Stock Option Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
182,100 |
|
|
$ |
10.55 |
|
|
|
|
|
|
|
264,167 |
|
|
$ |
10.17 |
|
|
|
|
|
Forfeited |
|
|
(48,500 |
) |
|
|
10.05 |
|
|
|
|
|
|
|
(82,067 |
) |
|
|
9.33 |
|
|
|
|
|
Balance at end of year |
|
|
133,600 |
|
|
|
10.73 |
|
|
$ |
— |
|
|
|
182,100 |
|
|
|
10.55 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
133,600 |
|
|
|
10.73 |
|
|
$ |
— |
|
|
|
182,100 |
|
|
|
10.55 |
|
|
$ |
— |
|
2010 Stock Option Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
60,000 |
|
|
$ |
7.85 |
|
|
|
|
|
|
|
60,000 |
|
|
$ |
7.85 |
|
|
|
|
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Balance at end of year |
|
|
60,000 |
|
|
|
7.85 |
|
|
$ |
— |
|
|
|
60,000 |
|
|
|
7.85 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
40,000 |
|
|
|
7.85 |
|
|
$ |
— |
|
|
|
20,000 |
|
|
|
7.85 |
|
|
$ |
— |
|
Non-Qualified Stock Option Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
|
50,000 |
|
|
$ |
6.75 |
|
|
|
|
|
|
|
50,000 |
|
|
$ |
6.75 |
|
|
|
|
|
Forfeited |
|
|
(50,000 |
) |
|
$ |
6.75 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Balance at end of year |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
50,000 |
|
|
|
6.75 |
|
|
$ |
— |
|
Options exercisable at year end |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
12,500 |
|
|
|
6.75 |
|
|
$ |
— |
|
|
(a) |
Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price. |
|
| Summary of total Stock Options |
The summary of the Company’s total Plans (as noted above) as of December 31, 2013, and changes during the period then ended are presented as follows (giving effect of the reverse stock split):
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|
Options outstanding January 1, 2013 |
|
|
528,800 |
|
|
$ |
9.82 |
|
|
|
|
|
Granted |
|
|
24,000 |
|
|
|
2.89 |
|
|
|
|
|
Exercised |
─ |
|
─ |
|
|
|
|
─ |
|
Forfeited/Expired |
|
|
(190,000 |
) |
|
|
9.51 |
|
|
|
|
|
Options outstanding End of Period (1)
|
|
|
362,800 |
|
|
$ |
9.53 |
|
|
|
3.3 |
|
|
$ |
5,850 |
|
Options Exercisable at December 31, 2013(2)
|
|
|
318,800 |
|
|
$ |
10.14 |
|
|
|
2.8 |
|
─ |
|
Options Vested and expected to be vested at December 31, 2013 |
|
|
362,800 |
|
|
$ |
9.53 |
|
|
|
3.3 |
|
|
$ |
5,850 |
|
(1) Options with exercise prices ranging from $2.79 to $14.75
(2) Options with exercise prices ranging from $5.50 to $14.75
|