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Stock Option Plans

3 Months Ended

Mar. 31, 2013

Note 16 — Stock Option Plans

A summary of stock option activity for the three months ended March 31, 2013 is as follows:

			Weighted
	Number of		Average		Exercise Price
	Shares		Exercise Price		Range

Outstanding at December 31, 2012		192,729	$	10.68	$	1.70 – $ 17.50
Granted		—	$	—	$	—
Exercised		—	$	—	$	—
Expired or Forfeited		—	$	—	$	—

Outstanding at March 31, 2013		192,729	$	10.68	$	1.70 – $ 17.50

As of March 31, 2013, there were 162,918 options that were fully vested and exercisable at a weighted average exercise price of $10.52 per share. The weighted average remaining contractual term on the vested options is 5.4 years.

As of March 31, 2013 there were 29,811 unvested options exercisable at a weighted average exercise price of $10.55 per share. The weighted average remaining contractual term on the unvested options is 7.5 years.

No cash was received from option exercises for the three months ended March 31, 2013 and 2012.

The table below summarizes the impact of outstanding stock options on the results of operations for the three and three months ended March 31, 2013 and 2012:

	Three Months Ended
	March 31, 2013		March 31, 2012

Stock-based compensation expense:
Stock Options	$	19,347	$	57,397
Income tax benefit		—		—
Net Increase in Net Loss	$	19,347	$	57,397

Per share increase in Loss Per Share:
Basic and Diluted	$	0.0055	$	0.0162

The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2013, the Company had approximately $147,257 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 1.4 years.