Share Based Compensation

9 Months Ended

Sep. 30, 2011

Share Based Compensation [Abstract]

Share Based Compensation

Note 5. Share Based Compensation

In April 2003, the Company adopted the 2003 Option Plan. Under the 2003 Option Plan, as amended on April 24, 2007, nonqualified options, incentive stock options, restricted stock and/or stock appreciation rights may be granted to employees and outside directors of the Company and its subsidiaries to purchase the Company's common stock at an exercise price to be determined by the Executive and Compensation committee. Pursuant to the 2003 Option Plan, 570,000 shares of the Company's unissued common stock have been reserved and are available for issuance upon the exercise of options and rights granted under the 2003 Option Plan. The options have an exercise period of seven to ten years from the date of grant. There are 66,000 shares available to grant under this plan.

A summary of the status of the option plans as of September 30, 2011, and changes during the period ended on those dates is presented below:

	September 30, 2011
			Weighted-
		Weighted-	Average
		Average	Remaining	Aggregate
		Exercise	Contractual	Intrinsic
	Shares	Price	Life	Value
Outstanding at January 1, 2011	525,969	$          16.68
Granted	-	-
Exercised	-	-
Forfeited	(61,931)	12.65
Outstanding at end of period	464,038	$          17.21	2.8 years	$                  -
Vested or expected to vest	461,716	$          17.23	2.8 years	$                  -
Options exercisable at period end	412,438	$          17.72	2.7 years	$                  -

Options outstanding at September 30, 2011 and December 31, 2010 were as follows:

	Outstanding		Exercisable
		Weighted-
		Average		Weighted-
		Remaining		Average
		Contractual		Exercise
Range of Exercise Prices	Number	Life	Number	Price
September 30, 2011:
$      5.24     -     $     13.00	90,500	4.4 years	61,400	$                 7.43
13.88     -            18.63	152,338	2.3 years	135,938	16.71
19.03     -            23.31	221,200	2.6 years	215,100	21.29
	464,038	2.8 years	412,438	$               17.72
December 31, 2010:
$      5.24     -     $     13.00	137,331	4.1 years	74,531	$                 8.65
13.88     -            18.63	164,738	3.1 years	122,138	16.60
19.03     -            23.31	223,900	3.3 years	211,500	21.33
	525,969	3.5 years	408,169	$               17.60

There were no options exercised for the periods ended September 30, 2011 and 2010. The compensation cost that has been charged against income for the stock options portion of the Option Plans was $(0.01) million and $0.03 million for the three months ended September 30, 2011 and 2010, and $0.05 million and $0.08 million for the nine months ended September 30, 2011 and 2010, respectively.

There were no stock options granted during the 2011 and 2010 periods.

Unrecognized stock option compensation expense related to unvested awards (net of estimated forfeitures) for the remainder of 2011 and beyond is estimated as follows:

	Amount
October, 2011 – December, 2011	$              17
2012	47
2013	20
2014	-
Total	$              84