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Stock Option Plan
 12 Months Ended
Dec. 31, 2011
Stock Option Plan [Abstract]  
Stock Option Plan

Note 14 – Stock option plan

On October 21, 1999, the Board of Directors adopted the "1999 Stock Option Plan" for officers and employees. In 2010, a stock dividend of 10% was declared affecting the aforementioned grants retroactively (See Note 15). The ability to grant shares under the 1999 Stock Option Plan expired on October 21, 2009. The plan expired with 25,832 shares not granted.

Stock option plan activity for the year ended December 31, 2011 is summarized below:

          Weighted Value of  
          Average in-the-money
        Weighted Remaining options  
        Average Contractual (Aggregate  
        Exercise Life (in Intrinsic  
  Shares     Price years) Value)  
 
Options outstanding, January 1, 2011 284,906   $ 8.42      
Granted -     -      
Exercised (18,672 )   3.90      
Forfeited (49,348 )   8.31      
Options outstanding, December 31,              
2011 216,886   $ 8.83 2.7 $ -
Options exercisable, December 31, 2011 216,886   $ 8.83 2.7 $ -

 

The total approximate value of in-the-money options exercised during 2011 was $9. There is no additional unrecognized compensation expense related to non vested option awards associated with the 1999 Stock Option Plan.

The following is summarized information concerning currently outstanding and exercisable options as adjusted for all stock dividends previously declared and paid:

      Options Outstanding and Exercisable  
Range of Exercise   Remaining Weighted Average
Prices ($)   Number of Options Contractual Life Exercise Price ($)
5.20 to 6.71 46,411 1.1 years 5.39
7.73 to 10.84 100,660 2.6 years 8.59
11.45 to 12.79 69,815 4.0 years 11.46
5.20 to 12.79 216,886 2.7 years 8.83