Note 11 - Common Stock Options

12 Months Ended

Dec. 31, 2011

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

11.  Common Stock Options

During 1997 the Company’s Board of Directors approved a nonqualified stock option plan (the “Plan”), subsequently approved by the Company’s shareholders, that has provided for the granting of stock options to key employees and officers of the Company. The Plan provides for the granting of options to purchase up to 450,000 shares of the Company’s common stock at a price equal to the fair value of the Company’s common stock on the date the option is granted. The term of the options expires after ten years from the date on which the options are granted. Options granted under the Plan vest ratably over various time periods ranging from three to seven years, and must be held for a minimum of one year before they can be exercised. Forfeited options are available for the granting of additional stock options under the Plan. Options forfeited from the initial grant in 1997 were used to grant options during 2000 and 2004. Total options granted were 450,000, 54,000, and 40,049 in the years 1997, 2000, and 2004, respectively. All outstanding options granted under the Plan are vested. At December 31, 2011 there were 52,172 options available for future grants under the Plan.

As detailed below, there was no change in the number of options and related weighted average price outstanding during 2011.

	2011
	Shares		Weighted Average Exercise Price
Options outstanding at beginning and end of year		24,049	$	34.80
Options exercisable at year-end		24,049	$	34.80

Options outstanding at year-end 2011 have a remaining contractual life of 2.83 years. The aggregate intrinsic value for options outstanding and options exercisable at December 31, 2011 was zero since the exercise price of options outstanding was in excess of the market price of the Company’s stock. There were no options exercised or granted in any year in the three-year periods ending December 31, 2011, nor were there any modifications or cash paid to settle stock option awards during these periods.