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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2011
Stock-Based Compensation  
Stock-Based Compensation
(6) Stock-Based Compensation. As of December 31, 2005, all stock options were fully vested and no options have been granted since 2005; therefore, no stock-based compensation has been recognized.

The Company established an Incentive Stock Option Plan (the "Plan") for officers, directors and employees of the Company and reserved 157,680 (amended) shares of common stock for the plan. Both incentive stock options and nonqualified stock options may be granted under the plan. The exercise price of the stock options is determined by the board of directors at the time of grant, but cannot be less than the fair market value of the common stock on the date of grant. The options vest over three and five years. The options must be exercised within ten years from the date of grant. The Plan terminated on February 27, 2011.

All amounts reflect the one-for-four reverse stock split declared in October 2010. A summary of the activity in the Company's stock option plan is as follows:

 

     Number of
Options		     Weighted-
Average
Exercise
Price		      Weighted-
Average
Remaining
Contractual
Term		      Aggregate
Intrinsic
Value		  

Outstanding at December 31, 2010

      69,132      $ 30.05         

Options expired

      (10,635 )      18.16         
  

 

 

          

Outstanding and exercisable at June 30, 2011

      58,497      $ 32.21         3.1 years       $ 0