Note 15 - Stock Incentive Plan

3 Months Ended

Jun. 30, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

        15.  Stock Incentive Plan

In May 2010, the Company’s stockholders approved the Company’s 2010 Stock Incentive Plan (the “2010 Plan”), with such stockholder action resulting in the termination of the Company’s 2005 Stock Incentive Plan (the “2005 Plan”). The terms of the 2010 Plan are substantially the same as the 2005 Plan.  However, any outstanding awards under the 2005 Plan will continue in accordance with the terms of the 2005 Plan and any award agreement executed in connection with such outstanding awards. At June 30, 2011, there are 43,083 shares of restricted stock outstanding under the 2010 and 2005 Plan.

Pursuant to the 2010 Plan, eligible employees, officers and directors of the Company are offered the opportunity to acquire the Company's common stock through the award of restricted stock and other equity awards under the 2010 Plan. The maximum number of shares that may be issued under the 2010 Plan is 1,190,000. Since the 2010 Plan’s adoption in May 2010, the Company’s directors have been issued 18,250 shares under the 2010 Plan in lieu of cash compensation as of June 30, 2011.

During the three and six months ended June 30, 2011, the Company recognized non-cash compensation expense of approximately $52,000 and $99,000, respectively.  Dividends are paid on all restricted stock issued, whether those shares have vested or not.  Notwithstanding certain exceptions, non-vested restricted stock is forfeited upon the recipient's termination of employment.

A summary of the activity of the Company's non-vested restricted stock for the six months ended June 30, 2011 and June 30, 2010, respectively, is presented below:

	2011			2010
	Number of Non-vested Restricted Shares	Weighted Average Per Share Grant Date Fair Value (1)		Number of Non-vested Restricted Shares	Weighted Average Per Share Grant Date Fair Value (1)
Non-vested shares at January 1	28,999	$	5.43	60,665	$	5.28
Granted	14,084		7.10	4,000		7.50
Forfeited	—		—	—		—
Vested	—		—	—		—
Non-vested shares as of June 30	43,083	$	5.98	64,665	$	5.42
Weighted-average fair value of    restricted stock granted during    the period	14,084	$	7.10	4,000	$	7.50

(1)   The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

At June 30, 2011 and 2010, the Company had unrecognized compensation expense of $0.1 million and $0.2 million, respectively, related to the non-vested shares of restricted common stock.  The unrecognized compensation expense at June 30, 2011 is expected to be recognized over a weighted average period of 2.7 years.  The total fair value of restricted shares vested during the six months ended June 30, 2011 and 2010 was $0.