Stock Option Plan

3 Months Ended

Jun. 30, 2011

Stock Option Plan [Abstract]

Stock Option Plan

Note 4: Stock Option Plan

In fiscal 2004, the Company adopted a Stock Option Plan that provided for the issuance of 142,857 incentive options and 61,224 non-incentive options with respect to authorized common stock.  As of June 30, 2011, all options under the 2004 Plan have been granted and (excluding forfeited options), are subject to exercise at the discretion of the grantees, and will expire in fiscal 2014 unless otherwise exercised or forfeited.

Wayne Savings Bancshares, Inc.

Notes to Condensed Consolidated Financial Statements

The Company accounts for the stock option plan in accordance with the provisions of FASB ASC 718-10.  FASB ASC 718-10 requires the recognition of compensation expense related to stock option awards based on the fair value of the option award at the grant date.  Compensation cost is then recognized over the vesting period.  There were no options granted during the three months ended June 30, 2011 and 2010.  There was no compensation expense recognized for the stock option plan during the three months ended June 30, 2011 and 2010, as all options were fully vested prior to these periods.

A summary of the status of the Company's stock option plan as of and for the three months ended June 30, 2011, and for the years ended March 31, 2011 and 2010, is presented below:

	Three months ended June 30,					Year ended  March 31,
	2011					2011					2010
	Shares			Weighted Average exercise price		Shares			Weighted Average exercise price		Shares		Weighted Average exercise price
Outstanding at beginning of period		83,816		$	13.95		94,020		$	13.95		94,020	$	13.95
Granted		––			––		––			––		––		––
Exercised		––			––		––			––		––		––
Forfeited		(20,408	)		13,.95		(10,204	)		13.95		-		-
Outstanding at end of period		63,408		$	13.95		83,816		$	13.95		94,020	$	13.95
Options exercisable at period-end		63,408		$	13.95		83,816		$	13.95		94,020	$	13.95

The following information applies to options outstanding at June 30, 2011:

Number outstanding	63,408
Exercise price on all remaining options outstanding	$13.95
Weighted-average remaining contractual life	2.75 years