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Stock Compensation - Options
 6 Months Ended
Jun. 30, 2012
Stock Compensation - Options [Abstract]  
STOCK COMPENSATION - OPTIONS

NOTE I – STOCK COMPENSATION – OPTIONS

The Company’s 1998 Stock Incentive Plan, or the 1998 Plan, provides for the making of awards to employees, consultants, and advisors of the Company with respect to 2,350,000 shares of the Company’s common stock. Since the adoption of the 1998 Plan through June 30, 2012, the Company has granted options under the plan to purchase 1,129,292 shares at a price equal to the fair market value at date of grant, of which 1,077,792 have been exercised or forfeited, leaving 51,500 granted options outstanding at June 30, 2012. Options granted under the 1998 Plan vest over a five-year period and have ten-year contractual terms. All options granted under the 1998 Plan to date are currently vested.

The Non-Employee Director Stock Incentive Plan, or NDSI Plan, is intended to enable the Company to attract, retain, and motivate non-employee directors by providing for or increasing the proprietary interest of such persons in the Company. The NDSI Plan provides for the grant of awards to non-employee directors with respect to an aggregate of 200,000 shares of the Company’s common stock. Since the adoption of the NDSI Plan through June 30, 2012, the Company has granted options under the plan to purchase 83,518 shares at a price equal to the fair market value at date of grant, of which 75,951 options have been exercised or forfeited, leaving 7,567 granted options outstanding at June 30, 2012. Options granted under the NDSI Plan vest one year from the date of grant and have ten year contractual terms. All outstanding options granted under the NDSI plan are currently vested.

There were no options granted in 2012 or 2011 under either the 1998 Plan or the NDSI Plan.

Exercise prices for options outstanding under the 1998 Plan and NDSI Plan as of June 30, 2012 ranged from $27.66 to $27.90. The weighted-average remaining contractual life of those options is approximately eight months. None of the options granted under the 1998 Plan or NDSI Plan contain conversion features.

The following is a summary of the Company’s stock option activity and related information for the six month period ended June 30, 2012:

 

                 
    Options     Weighted-Average
Exercise Prices Per
Share		  

Outstanding beginning of period

     66,693     $ 27.32  

Granted

     —         —    

Exercised

     (5,013 )      24.49  

Forfeited/Cancelled

     (2,613 )      24.49  
   

 

 

    

 

 

  

Outstanding end of period

     59,067     $ 27.69  
   

 

 

    

 

 

  

Options exercisable end of period

     59,067     $ 27.69  
   

 

 

    

 

 

  

As of June 30, 2012, there was no unrecognized compensation cost related to stock options. No shares vested during the three months ended June 30, 2012, therefore, the fair value of shares vesting was zero. The total intrinsic value of options exercised during the six months ended June 30, 2012 and 2011 were $3,000 and $1,585,000, respectively. As of June 30, 2012, there were 59,067 options vested and exercisable with a weighted-average exercise price of $27.69 and an aggregate intrinsic value of $55,000.