Employee Benefit Plans

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 8 — EMPLOYEE BENEFIT PLANS

Stock Options

The Company has two stock incentive plans: the 2003 Stock Incentive Plan, or the 2003 Plan, and the 2006 Stock Incentive Plan, or the 2006 Plan. There were 739,258 shares of common stock reserved for issuance under these plans at December 31, 2011. As of December 31, 2011, 102,201 shares of common stock, representing option grants still outstanding, were reserved under the 2003 Plan. No further grants are allowed under the 2003 Plan. As of December 31, 2011, 637,057 shares of common stock were reserved under the 2006 Plan representing 605,080 outstanding stock options, 1,856 shares of restricted stock outstanding and 30,121 shares available for grant. A summary of stock option activity under both plans for the years ended December 31, 2011, 2010 and 2009 are as follows:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2008		626,456		$	5.08
Granted		242,700		$	3.47
Canceled		(156,248	)	$	9.85
Exercised		(53,020	)	$	0.55
Outstanding at December 31, 2009		659,888		$	3.73
Granted		190,600		$	2.83
Canceled		(21,052	)	$	7.81
Exercised		(124,530	)	$	0.35
Outstanding at December 31, 2010		704,906		$	3.96
Granted		135,000		$	3.15
Canceled		(55,687	)	$	3.41
Exercised		(76,938	)	$	1.16
Outstanding at December 31, 2011		707,281		$	4.15

A summary of common stock options outstanding and common stock options exercisable as of December 31, 2011 is as follows:

	Options Outstanding						Options Exercisable
			Weighted						Weighted
			Average						Average
			Remaining		Aggregate		Number		Remaining		Aggregate
Range of			Contractual		Intrinsic		of Shares		Contractual		Intrinsic
Exercise Prices	Options		Life		Value		Exercisable		Life		Value
$2.00 — $2.40		62,380		3.52 Years	$	60,828		49,230		3.41 Years	$	47,415
$2.41 — $3.15		319,600		6.21 Years		32,906		58,539		5.60 Years		8,296
$3.16 — $4.91		213,600		4.29 Years		—		124,563		3.83 Years		—
$4.92 — $13.40		111,701		2.14 Years		—		107,014		2.04 Years		—
		707,281		4.75 Years	$	93,734		339,346		3.51 Years	$	55,711

The aggregate intrinsic value of options exercised during the year ended December 31, 2011 was approximately $176,000. At December 31, 2011, the weighted average exercise price of common stock options outstanding and exercisable was $4.15 and $5.35, respectively.

Restricted Stock

A summary of restricted stock activity for the years ended December 31, 2011, 2010 and 2009 are as follows:

	Shares			Weighted Average Grant Price
Outstanding at December 31, 2008		118,603		$	9.76
Granted		38,559		$	3.45
Canceled		(33,943	)	$	9.45
Vested		(88,918	)	$	6.90
Outstanding at December 31, 2009		34,301		$	10.38
Granted		12,324		$	2.84
Canceled		(2,885	)	$	8.55
Vested		(29,912	)	$	7.58
Outstanding at December 31, 2010		13,828		$	10.10
Granted		11,143		$	3.14
Canceled		(2,250	)	$	10.76
Vested		(20,865	)	$	6.56
Outstanding at December 31, 2011		1,856		$	7.28

401(k) Plan

The Company’s 401(k) savings plan covers the majority of the Company’s eligible employees. Employees of the Company may participate in the 401(k) Plan after reaching the age of 21. The Company may make discretionary matching contributions as determined from time to time. Employee contributions vest immediately, while Company matching contributions begin to vest after one year of service and continue to vest at 20% per year over the next five years. To date, the Company has not made any discretionary contributions to the 401(k) Plan.