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Stock Based Compensation
 6 Months Ended
Jun. 30, 2012
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 six months ended June 30, 2012 is summarized below:
          Weighted    
        Weighted Average    
        Average Remaining    
        Exercise Contractual   Intrinsic
  Shares     Price Life (in years)   Value
Options outstanding, January 1, 2012 216,886   $ 8.83      
Exercised -            
Forfeited (394 ) $ 10.82      
Options outstanding, June 30, 2012 216,492   $ 8.83 2.21 $ 6,910
Options exercisable, June 30, 2012 216,492   $ 8.83 2.21 $ 6,910

 

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.