STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2011

STOCK COMPENSATION PLANS [Abstract]

STOCK COMPENSATION PLANS

NOTE 8

STOCK COMPENSATION PLANS

In 1992, the Company instituted the 1992 Non-Qualified Stock Option Plan, which was subsequently amended in 1998.  The number of authorized shares was 375,000.  Options to purchase shares of Class A Stock were granted to employees and directors of the Company.  Employees who were not executive officers or directors were eligible to receive options priced at not less than 85% of the fair market value on the date of grant, option prices for directors and officers of the Company was 90% of the fair market value.  Effective May 25, 2005, no additional grants have been made from this plan.

In 1996, the Company instituted the Incentive Stock Option Plan under which the Company was authorized to grant options up to 150,000 shares of Class A Stock to its key employees and officers.  Options were granted at the fair market value on the date of grant.  The Company accelerated vesting for certain incentive stock options held by officers and directors in anticipation of FASB ASC Topic 718, which applies to stock options issued after January 1, 2006.  Effective May 25, 2005, no additional grants have been made from this plan.

On May 25, 2005, the Company adopted the 2005 Equity Compensation Plan, or the Plan.  The Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards.  The Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee.  The Committee has the authority to determine the individuals to whom grants will be made under the Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the Plan) and deal with any other matters arising under the Plan.  The Committee presently consists of three directors, each of whom is a non-employee director of the Company.  All of the employees of the Company and its subsidiaries are eligible for grants under the Plan.  Non-employee directors of the Company are also eligible to receive grants under the Plan.

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The following summary reflects changes in the shares of Class A Stock under option:

	2011 Shares			2011 Weighted Average Exercise Price		2010 Shares			2010 Weighted Average Exercise Price		2009 Shares			2009 Weighted Average Exercise Price
Plan options
Outstanding at beginning of year		440,800		$	17.18		497,889		$	15.91		530,921		$	15.14
Granted		33,750			19.06		33,750			18.61		33,750			15.26
Exercised		(24,550	)		11.87		(90,839	)		10.75		(65,132	)		9.48
Expired		---			---		---			---		(1,650	)		9.33
Outstanding at end of year		450,000		$	17.61		440,800		$	17.18		497,889		$	15.91
Options exercisable at year end		416,250		$	17.49		407,050		$	17.06		464,139		$	15.95

The fair value per share of options granted during 2011, 2010, and 2009 were $3.50, $3.73 and $2.56 respectively, as estimated using the Black-Scholes Merton option pricing model.  The total intrinsic value of options exercised during 2011, 2010 and 2009 were $167,000, $700,000 and $427,000, respectively.  There were no fully vested shares granted during 2011.  During 2011, we received $292,000 in cash from the exercise of options, with a $66,000 tax benefit realized during the period.

The following tables summarize information about employee and director stock options outstanding at December 31, 2011:

Options Outstanding
Range of Exercise Price	Shares Outstanding at December 31, 2011	Weighted Average Remaining Life	Weighted Average Exercise Price	Aggregate Intrinsic Value
$12.40 - $18.44	216,000	3.33 Years	$15.45	$729,844
$18.45 - $21.12	234,000	5.60 Years	$19.60	$7,425
Options Exercisable
Range of Exercise Price	Shares Exercisable at December 31, 2011	Weighted Average Remaining Life	Weighted Average Exercise Price
$12.40 - $18.44	216,000	3.33 Years	$15.45	$729,844
$18.45 - $21.12	200,250	4.96 Years	$19.69	$7,425

As of December 31, 2011, there was $44,000 of total unrecognized expense related to non-vested option shares granted under the Plan.  The cost will be recognized over the remaining 0.4 years vesting period of the unvested options.