Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

(3) STOCK-BASED COMPENSATION

The Company’s share-based compensation consists of restricted stock and stock options, vesting over periods ranging from one to four years. For the three months ended March 31, 2012, the Company awarded 67,000 stock options vesting over four years. During the first three months of 2011, the Company awarded 169,375 stock options vesting over four years.

A summary of the status of the Company’s stock option plan as of March 31, 2012, is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Grant-Date Fair Value		Average Remaining Contractual Term (Yrs)		Intrinsic Value
Outstanding as of December 31, 2011		1,422,443		$	0.68	$	0.64		6.2	$	32,080
Granted		67,000			0.44		0.43				—
Exercised		—			—						—
Canceled		(19,250	)		0.57						(1,460	)
Outstanding as of March 31, 2012		1,470,193		$	0.67	$	0.63		6.2	$	30,620
Options exercisable at March 31, 2012		997,536		$	0.71	$	0.66		4.8	$	30,620

As of March 31, 2012, there was $174,672 of total unrecognized compensation cost related to non-vested stock options granted under the Plan, and $14,075 of unrecognized compensation cost related to non-vested restricted stock grants. The compensation cost for stock options will be recognized over a weighted-average period of 1.5 years. The compensation costs of restricted stock will be recognized over a weighted-average period of 0.7 years.