Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of September 30, 2012, and changes during the nine months ended September 30, 2012, are presented below:

					Weighted
	Stock		Weighted average		average remaining		Aggregate
	options		exercise price		contractual term		intrinsic value
Balance December 31, 2011		118,400	$	15.07		7.0	$	-
Granted		50,000	$	4.22		8.2		72,000
Exercised		-		-		-		-
Forfeited		-		-		-		-
Outstanding as of September 30, 2012		168,400	$	11.85		6.9	$	72,000
Exercisable as of September 30, 2012		78,933	$	15.09		6.3	$	-

As of September 30, 2012, there were 531,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Expense for stock-based compensation recorded for the nine months ended September 30, 2012 and 2011 was approximately $202,000 and $190,000, respectively. At September 30, 2012, the Company had total stock-based compensation expense remaining to be recognized in the statement of earnings of approximately $0.2 million.