Stock Options

6 Months Ended

Jun. 30, 2011

(8) Stock Options:

In January 1994, the Olympic Steel, Inc. Stock Option Plan (Option Plan) was adopted by the Board of Directors and approved by the shareholders of the Company. The Option Plan terminated on January 5, 2009. Termination of the Option Plan did not affect outstanding options.

A total of 1,300,000 shares of common stock were originally reserved for issuance under the Option Plan. To the extent possible, shares of treasury stock were used to satisfy shares resulting from the exercise of stock options. Options vested over periods ranging from six months to five years and all expire 10 years after the grant date.

The following table summarizes the effect of the impact of stock options on the results of operations:


	Three Months				Six Months
	Ended June 30,				Ended June 30,
(in thousands, except per share data)	2011		2010		2011		2010
Stock option expense before taxes	$	—	$	18	$	—	$	60
Stock option expense after taxes	$	—	$	11	$	—	$	38
Impact per basic share	$	—	$	—	$	—	$	—
Impact per diluted share	$	—	$	—	$	—	$	—

Pre-tax charges related to stock options were included in the caption “Administrative and general” on the accompanying Consolidated Statement of Operations. By December 31, 2010, all expense with respect to stock option awards had been recognized and amortized into expense.

The following table summarizes stock option activity during the six months ended June 30, 2011:


					Weighted	Aggregate
	Number of		Weighted Average		Average Remaining	Intrinsic Value
	Options		Exercise Price		Contractual Term	(in thousands)
Outstanding at December 31, 2010		46,007	$	20.90
Granted		—		—
Exercised		—		—
Canceled		—		—

Outstanding at June 30, 2011		46,007	$	20.90	4.2 years	$	423

Exercisable at June 30, 2011		46,007	$	20.90	4.2 years	$	423

There were no stock options exercised during the six months ended June 30, 2011 or 2010. All options were fully vested by June 30, 2010. The fair value of options vested during the six months ended June 30, 2010 totaled $60 thousand.