STOCK OPTIONS

12 Months Ended

Dec. 31, 2011

10. STOCK OPTIONS

The Company has a Stock Incentive Plan which was approved in 1999. Under the 1999 Stock Incentive Plan, options are periodically granted to employees at a price not less than fair market value of the shares at the date of grant (or less than 110% of the fair market value if the participant owns more than 10% of the Company's outstanding Common Stock). The term of the stock incentive option may not exceed ten years from the date of grant; however, any stock incentive option granted to a participant who owns more than 10% of the Common Stock will not be exercisable after the expiration of five (5) years after the date the option is granted.

A summary of the status of the Company's stock options as of December 31, 2011, 2010, and 2009, and changes during the years ended on those dates is presented below:

	2011									2010					2009

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding—beginning of year		110,053		$	10.17		4.86				123,503		$	10.16		127,003		$	10.80
Granted		—			—						—			—		—			—
Exercised		—			—						—			—		—			—
Expired/Terminated		(6,500	)		9.70						(13,450	)		10.08		(3,500	)		9.88

Outstanding—end of year		103,553		$	10.20		3.97	$	—		110,053		$	10.17		123,503		$	10.16

Options exercisable at year-end		103,553		$	10.20		3.97	$	—		101,220		$	10.32		92,836		$	10.50

Shares available for grant		219,033									216,033					206,083

The following table summarizes information about stock options outstanding under the Company's plan at December 31, 2011:

			Weighted Average Grant Day Fair Value

Non-vested—beginning of year	8,833		$	2.89
Granted	—		$	—
Vested	(8,333	)	$	2.89
Expired/Terminated	(500	)	$	2.89

Non-vested—at year-end	—		$	—

The total fair value of options vested during 2011, 2010 and 2009 was $26,000, $60,000 and $79,000 respectively. Total compensation cost recognized during 2010 and 2009 was approximately $42,000, and $34,000 respectively. There was no compensation cost recognized during 2011.