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Stock-Based Compensation Plan and Warrants
 6 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plan and Warrants
8.  
Stock-Based Compensation Plan and Warrants

The Company has a stock-based incentive plan which is administered by the Compensation Committee of the Board of Directors.  See Note 7 to the consolidated financial statements in the 2010 Form 10-K for further information.  We recorded stock-based compensation expense of $133,000 and $155,000 for the three months ended June 30, 2011 and 2010, respectively, and $258,000 and $297,000 for the six months ended June 30, 2011 and 2010, respectively.

Unrecognized compensation expense related to stock options at June 30, 2011 and 2010 was $5,000 and $72,000, respectively, to be recognized over a weighted average period of approximately 0.1 and 0.9 years, respectively.  Proceeds received by the Company from the exercise of options and warrants for the six months ended June 30, 2011 and 2010 were approximately $122,000 and $123,000, respectively.  No options were granted in the six months ended June 30, 2011 or 2010.

Unrecognized compensation expense related to restricted stock awards at June 30, 2011 and 2010 was $758,000 and $663,000, respectively, to be recognized over a weighted average period of 2.8 and 2.5 years, respectively.  In May 2011 and 2010, the five and eight non-employee directors of the Company were granted an aggregated total of 17,090 and 25,167 shares of restricted stock, respectively, at the grant-date market price of $14.63 and $15.89, respectively.  This will result in an expense of $250,000 and $400,000, respectively, to be recognized ratably over the one year restriction period.  In May 2011 a key employee was granted a total of 789 shares of restricted stock at $14.63 per share, resulting in an expense of $12,000 to be recognized ratably over the restriction period of five years.  In March 2011 and March 2010, several key employees were granted an aggregated total of 25,817 and 10,714 shares of restricted stock, respectively, at $12.67 and $15.89 per share, resulting in an expense of $327,000 and $170,000 to be recognized ratably over the restriction periods which are primarily five years.

At June 30, 2011, there were 223,302 shares of common stock covered by outstanding restricted stock and stock options and 13,119 shares covered by outstanding stock warrants.  All of these were vested except for 71,682 shares of restricted stock and stock options.