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Note 4 - Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
3.           STOCK-BASED COMPENSATION

We have one stock option plan which provides for annual stock option grants to non-employee directors with an exercise price equal to the fair market value of the shares at the date of grant.  Under this plan, 12,000 options were awarded to directors for each of the three month periods ended March 31, 2012 and 2011.  These options vest and become exercisable six months from the option grant date.  We had two other stock option plans from 1995 which provided for stock option grants to officers, key employees and non-employee directors.  These plans expired in 2005.  The expiration of the plans has no effect on the options previously granted.  Options outstanding and exercisable were granted at a stock option price which was not less than the fair market value of our common stock on the date the option was granted and no option has a term in excess of ten years.  We recognized share based compensation expense of approximately $5,000 and $18,900 for the quarters ended March 31, 2012 and 2011, respectively, as a component of operating expenses.  During the three months ended March 31, 2012 and 2011, the stock option activity under our stock option plans was as follows:

   
Weighted
Average
Exercise
Price
   
#
of
shares
   
Weighted
Average
Remaining
Contractual Term
(in years)
   
Aggregate
Intrinsic Value
 
Outstanding, January 1, 2011
  $ 4.35       103,600              
Granted
    -       -              
Cancelled
    -       -              
Exercised
    -       -              
Outstanding, March 31, 2011
  $ 4.35       103,600       5.44     $ 192,075  
Exercisable, March 31, 2011
  $ 4.35       103,000       5.44     $ 192,075  
                                 
Outstanding, January 1, 2012
  $ 4.40       115,600                  
Granted
    5.27       12,000                  
Cancelled
    -       -                  
Exercised
    -       -                  
Outstanding, March 31, 2012
  $ 4.48       127,600       5.38     $ 216,332  
Exercisable, March 31, 2012
  $ 4.40       115,600       4.90     $ 206,332  

Other information pertaining to option activity during the three-month periods ended March 31, 2012 and 2011 are as follows:

   
March 31, 2012
   
March 31, 2011
 
Weighted average grant-date fair value of stock options granted
    $10,000       $14,257  
Total fair value of stock options vested
    N/A       $18,900  
Total intrinsic value of stock options exercised
    N/A       N/A  

As of March 31, 2012 and 2011, there was unrecognized compensation cost related to non-vested stock options of $5,000 and $ -0-, respectively.