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Note 3 - Stock-Based Compensation
 6 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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 in both the first six months of 2013 and the first six months of 2012. 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 as of closing 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 $5,843 and $5,000 for each of the quarters ended June 30, 2013 and 2012, respectively, and $11,686 and $10,000 for each of the six month periods ended June 30, 2013 and 2012, respectively, as a component of operating expenses.


During the six months ended June 30, 2013 and 2012, 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, 2012

  $ 4.40       115,600                  

Granted

    5.27       12,000                  

Cancelled

    -       -                  

Exercised

    -       -                  

Outstanding, June 30, 2012

  $ 4.48       127,600       5.13     $ 216,332  

Exercisable, June 30, 2012

  $ 4.40       115,600       4.69     $ 206,332  
                                 

Outstanding, January 1, 2013

  $ 4.53       121,600                  

Granted

    6.87       12,000                  

Cancelled

    -       -                  

Exercised

    4.24       (22,000 )                

Outstanding, June 30, 2013

  $ 4.84       111,600       5.72     $ 167,186  

Exercisable, June 30, 2013

  $ 4.60       99,600       5.24     $ 155,500  

Other information pertaining to option activity during the six-month periods ended June 30, 2013 and 2012 are as follows:


   

June 30, 2013

   

June 30, 2012

 

Weighted average grant-date fair value of stock options granted

  $ 11,686     $ 10,000  

Total fair value of stock options vested

 

N/A

   

N/A

 

Total intrinsic value of stock options exercised

  $ 51,260    

N/A

 

There was no unrecognized compensation cost as of June 30, 2013 and 2012.