Stock Options

9 Months Ended

Sep. 30, 2011

Stock Options [Abstract]

Stock Options

(6) Stock Options

We adopted the 2000 Stock Incentive Plan effective April 14, 2000, following approval by our stockholders. An amendment to the plan was approved by our stockholders in 2007. Under the plan, as amended (the “2000 Plan”), we are able to make awards of stock-based compensation. The 2000 Plan has expired and currently no shares may be issued under the plan. Options granted under the 2000 Plan have contractual terms from six to ten years. The exercise price of ISOs cannot be less than 100% of the fair market value of a share of our common stock determined on the grant date. Although the 2000 Plan provides for the granting of other incentive awards, only ISOs and non-statutory stock options have been issued under the 2000 Plan. The 2000 Plan is administered by the Board’s Compensation Committee.

Pursuant to the ASC guidance on accounting for stock based compensation, we estimate the fair value of stock options granted on the date of grant using the Black-Scholes-Merton option-pricing model. There were no stock options granted in the nine months ended September 30, 2011, and the year ended December 31, 2010.

At September 30, 2011, there were a total of 30,390 shares of common stock reserved for issuance upon exercise of outstanding options under the 2000 Plan. A summary of the status of stock options granted to key employees, officers and directors, for the purchase of shares of common stock for the periods indicated, is as follows:

					Weighted Average
			Weighted Average		Remaining		Aggregate
	Shares		Exercise Price		Contractual Life		Intrinisic Value
Options outstanding at December 31, 2010		30,390	$	13.29
Options granted		—	$	—
Options exercised		—	$	—
Options expired or cancelled		—	$	—
Options outstanding at September 30, 2011		30,390	$	13.29		2.0	$	408
Options exercisable at September 30, 2011		30,390	$	13.29		2.0	$	408

The following table summarizes additional information about stock options outstanding at September 30, 2011:

	Options Outstanding					Options Exercisable
			Weighted Average					Weighted
			Remaining					Average
Range of Exercise	Number		Contractual Life	Weighted Average		Number		Exercise
Prices	Outstanding		(Years)	Exercise Price		Exercisable		Price
$2.45 to $5.60		10,118	1.6	$	3.06		10,118	$	3.06
$10.85 to $13.30		3,346	0.4	$	11.95		3,346	$	11.95
$19.67		16,926	2.7	$	19.67		16,926	$	19.67
		30,390					30,390

We recognized no compensation expense for vested stock options for the three and nine months ended September 30, 2011, compared to $0 and $53,760 for the three and nine months ended September 30, 2010, respectively. As of September 30, 2011, there was no unrecognized compensation cost related to non-vested stock options granted under the 2000 Plan.

We recognized $20,000 and $60,000 of expense related to the fair value issuance of restricted common stock to our independent directors for the three and nine months ended September 30, 2011, respectively.