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8 - SHARE BASED COMPENSATION
 6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8 – SHARE BASED COMPENSATION

Accounting for stock options issued to employees measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.  That cost is recognized over the period during which an employee is required to provide service in exchange for the award.  Outstanding options to purchase Class A common stock (“the Options”) vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan.  We use the Black-Scholes option pricing model to measure the fair value of the Options granted to employees.  The option activity during the three months ended June 30, 2012 is as follows:

   
Number of Shares
   
Weighted Average Exercise Price
   
Weighted Average Years Remaining Contractual Term
   
Aggregate Intrinsic Value
 
                         
Outstanding at December 31, 2011
    427,500     $ 1.49       4.4     $ 18,300  
  Granted
    20,000     $ 1.02       8.7     $ -  
  Forfeited
    (63,000 )     2.70                  
Outstanding at June 30, 2012
    384,500       1.43       4.7     $ 4,420  
Exercisable at June 30, 2012
    245,166     $ 1.54       3.2     $ 4,420  

At June 30, 2012 the range of individual outstanding weighted average exercise prices was $0.84 to $1.85.