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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2012
STOCK-BASED COMPENSATION | NOTE 10 – STOCK-BASED COMPENSATION The Company has three stock-based compensation plans (the Plans), as described below, under which awards have been or may be granted. Total compensation cost that was charged (credited) to income for those Plans totaled $(3) and $6, respectively, for the three and nine months ended September 30, 2012, and $8 and $4, respectively, for the three and nine months ended September 30, 2011. Compensation cost resulted in a credit to income for the three months ended September 30, 2012 due to forfeitures of previous stock option grants and restricted stock awards in excess of the cost of those earned during the periods. The Plans, which are stockholder-approved, provide for stock option grants, stock appreciation rights and restricted stock awards to directors, officers and employees. The 1999 Stock-Based Incentive Plan, which expired July 13, 2009, provided 38,778 shares for stock option grants and 15,511 shares for restricted stock awards. The 2003 Equity Compensation Plan (the 2003 Plan), as amended and restated, provided an aggregate of 100,000 shares for stock option grants and restricted stock awards, of which up to 30,000 shares could be awarded in the form of restricted stock awards. The 2009 Equity Compensation Plan, which was approved by stockholders on May 21, 2009, replaced the 2003 Plan and provided 200,000 shares, plus any remaining shares available to grant or that are later forfeited or expire under the 2003 Plan, that may be issued as stock option grants, stock appreciation rights or restricted stock awards. Stock Options The Plans permit the grant of stock options to directors, officers and employees for up to 338,778 shares of common stock, net of restricted stock awards. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally have vesting periods ranging from one to three years and are exercisable for ten years from the date of grant. Unvested stock options immediately vest upon a change in control. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. Management and other employee stock options are tracked separately. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Department of the Treasury (Treasury) yield curve in effect at the time of the grant. The fair value of the options granted during the three and nine months ended September 30, 2012 and the nine months ended September 30, 2011 was determined using the following weighted-average assumptions as of the grant dates. There were no options granted during the three months ended September 30, 2011.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2012 |  |  | 2012 |  |  | 2011 |
Risk-free interest rate |  |  | 1.16 | % |  |  | 1.16 | % |  |  | 2.98 | %
Expected term (years) |  |  | 7 |  |  |  | 7 |  |  |  | 7 |
Expected stock price volatility |  |  | 76.42 | % |  |  | 76.42 | % |  |  | 46 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 1.41 | %
A summary of stock option activity in the Plans for the nine months ended September 30, 2012 follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Intrinsic Value |
Outstanding at beginning of year |  |  | 43,298 |  |  | $ | 24.87 |  |  |  |  |  |  |  |  |
Granted |  |  | 30,000 |  |  |  | 1.35 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Expired |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (3,604 | ) |  |  | 6.09 |  |  |  |  |  |  |  |  |
Outstanding at end of period |  |  | 69,694 |  |  | $ | 15.71 |  |  |  | 7.4 |  |  | $ | — |
Expected to vest |  |  | 37,000 |  |  | $ | 1.87 |  |  |  | 9.6 |  |  | $ | — |
Exercisable at end of period |  |  | 32,694 |  |  | $ | 31.38 |  |  |  | 4.8 |  |  | $ | — |
During the nine months ended September 30, 2012, there were 3,604 stock options canceled or forfeited. Previously recognized expense associated with nonvested forfeited shares is reversed. Information related to the Plans during the three and nine months ended September 30, 2012 and 2011 follows. There were no stock options granted during the three months ended September 30, 2011. There were no options exercised during the three or nine months ended September 30, 2012 or 2011.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Weighted average fair value of options granted |  | $ | 0.94 |  |  |  | n/a |  |  | $ | 0.94 |  |  | $ | 3.75 |
As of September 30, 2012, there was $25 of total unrecognized compensation cost related to nonvested stock options granted under the Plans. The cost is expected to be recognized over a weighted-average period of 1.8 years. Substantially all of the 37,000 nonvested stock options at September 30, 2012 are expected to vest. Restricted Stock Awards The Plans permit the grant of restricted stock awards to directors, officers and employees. Compensation is recognized over the vesting period of the shares based on the fair value of the stock at grant date. The fair value of the stock was determined using the closing share price on the date of grant and shares have vesting periods ranging from one to three years. There were 204,344 shares available to be issued, net of option awards under the Plans at September 30, 2012. There were no shares issued during the three or nine months ended September 30, 2012. A summary of changes in the Company’s nonvested restricted shares for the nine months ended September 30, 2012 follows:
Nonvested Shares |  | Shares |  |  | Weighted Average Grant- Date Fair Value |
Nonvested at January 1, 2012 |  |  | 4,800 |  |  | $ | 6.88 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (2,400 | ) |  |  | 6.88 |
Forfeited |  |  | (1,000 | ) |  |  | 7.25 |
Nonvested at September 30, 2012 |  |  | 1,400 |  |  | $ | 6.61 |
As of September 30, 2012, there was $3 of total unrecognized compensation cost related to nonvested restricted shares granted under the Plans. The cost is expected to be recognized over a weighted-average period of .8 years. The total fair value of shares vested during the three and nine months ended September 30, 2012 was $1 and $4, respectively. The total fair value of shares vested during the three and nine months ended September 30, 2011 was $2 and $14, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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