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Stock Options
9 Months Ended
Sep. 30, 2011
Stock Options and Restricted Stock Units and Performance Share Units [Abstract] 
Stock Options
(12) 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 ten years after the grant date.

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

 

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

 

All pre-tax charges related to stock options were included in the caption “Administrative and general” on the accompanying Consolidated Statement of Operations.

The following table summarizes stock option activity during the nine months ended September 30, 2011:

 

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

 

 

    

 

 

                  
Outstanding at September 30, 2011     46,007     $ 20.90       3.9 years     $ 181  
   

 

 

    

 

 

    

 

 

    

 

 

  
Exercisable at September 30, 2011     46,007     $ 20.90       3.9 years     $ 181  
   

 

 

    

 

 

    

 

 

    

 

 

  

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

By December 31, 2010, all expense with respect to stock option awards had been recognized and amortized into expense.