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Stock Based Compensation
9 Months Ended
Sep. 30, 2011
Stock Based Compensation [Abstract] 
Stock Based Compensation

Note 4 – Stock Based Compensation

Accounting standards require companies to recognize the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant.

Stock option plan activity for the nine months ended September 30, 2011 is summarized below:

 

Shares

Weighted

Average

Exercise

Price

Weighted

Average

Remaining

Contractual

Life (in years)

Average

Intrinsic

Value

Options outstanding, January 1, 2011

284,906

$     8.42

 

 

Exercised

-

-

 

 

Forfeited

(3,636)

$   13.71

 

 

Options outstanding, September 30, 2011

281,270

$    8.35

2.69

$      -

Options exercisable, September 30, 2011

281,270

$    8.35

2.69

$      -

Intrinsic value is calculated by subtracting exercise price of option shares from the market price of underlying shares and multiplying that amount by the number of options outstanding. No intrinsic value exists where the exercise price is greater than the market price on a given date.

All compensation expense related to the foregoing stock option plan has been recognized. The Company's ability to grant additional options shares under the 1999 Plan has expired.