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Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2012
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30,

 

 

 

2012

 

2011

 

Number of options granted

 

 

2,500 

 

 

67,000 

 

Weighted average exercise price

 

$

5.95 

 

$

6.66 

 

Weighted average fair value of options

 

$

2.79 

 

$

3.20 

 

Expected life in years (1)

 

 

4.72 

 

 

4.62 

 

Expected volatility (2)

 

 

56.33 

%

 

57.69 

%

Risk-free interest rate (3)

 

 

0.72 

%

 

1.28 

%

Dividend yield (4)

 

 

 -

%

 

 -

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2012

 

2011

 

2012

 

2011

Compensation expense

 

$

38,167 

 

$

39,716 

 

$

113,631 

 

$

85,494 

Income tax benefit

 

 

11,935 

 

 

15,615 

 

 

40,333 

 

 

32,468 

 

Transactions Under The Company's Stock Option Plans [Table Text Block]

Transactions under the Company’s stock option plans for the nine months ended September 30, 2012 are summarized in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted average exercise price

 

Weighted average remaining contractual life (in years)

 

Aggregate intrinsic value

Outstanding at December 31, 2011

   

 

643,206 

   

$

6.80 

   

 

5.3 

   

$

517,867 

Options granted

   

 

2,500 

   

   

5.95 

   

 

   

   

   

   

Options exercised

   

 

(111,208)

   

   

4.99 

   

 

   

   

   

   

Options forfeited

   

 

(9,999)

   

   

6.08 

   

 

   

   

   

   

Options expired

   

 

(843)

   

   

6.93 

   

 

   

   

   

   

Outstanding at September 30, 2012

   

 

523,656 

   

$

7.19 

   

 

5.2 

   

$

315,276 

Exercisable at September 30, 2012

   

 

408,907 

   

$

7.48 

   

 

4.2 

   

$

280,602 

 

Information About Stock Options Outstanding [TableTextBlock]

The following table summarizes information about stock options outstanding and exercisable at September 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

Options outstanding

 

Options exercisable

Range of exercise prices

 

Options outstanding

 

Weighted average remaining contractual life (in years)

 

Weighted average exercise price

 

Options exercisable

 

Weighted average exercise price

$

0.00 - 4.00

   

   

119,750 

 

   

6.6 

 

$

3.87 

 

   

103,832 

   

$

3.86 

 

4.01 - 8.00

   

   

226,158 

 

   

7.0 

 

   

6.52 

 

   

127,327 

   

   

6.54 

 

8.01 - 12.00

   

   

121,107 

 

   

1.4 

 

   

9.22 

 

   

121,107 

   

   

9.22 

 

12.01 - 16.00

   

   

56,641 

 

   

3.4 

 

   

12.54 

 

   

56,641 

   

   

12.54 

 

Total

   

   

523,656 

 

   

5.2 

 

$

7.19 

 

   

408,907 

   

$

7.48 

 

Information About Options Exercised [TableTextBlock]

 

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options.  The following table presents information about options exercised during nine months ended September 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

For the three months ended September 30,

 

For the nine months ended September 30,

   

 

2012

 

2011

 

2012

 

2011

Number of options exercised

 

 

107,367 

 

 

738 

 

   

111,208 

   

   

233,105 

Total intrinsic value of options exercised

 

$

109,896 

 

$

2,294 

 

115,951 

   

$

753,440 

Cash received from options exercised

 

 

148,226 

 

 

2,610 

 

   

169,636 

   

   

445,515 

Tax deduction realized from options exercised

 

 

40,401 

 

 

569 

 

   

40,913 

   

   

298,494 

 

Restricted Stock Grants [TableTextBlock]

Restricted stock awards granted during the nine months ended September 30, 2012 and 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30,

 

 

2012

 

2011

Number of shares granted

 

 

1,000 

 

 

22,500 

Average grant date fair value

 

$

5.95 

 

$

6.66 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2012

 

2011

 

2012

 

2011

Compensation expense

 

$

39,301 

 

$

28,608 

 

$

120,413 

 

$

60,025 

 

Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

 

   

 

Shares

 

Average grant date fair value

Nonvested restricted stock at December 31, 2011

 

   

93,684 

 

$

6.06 

Granted

 

   

1,000 

 

 

5.95 

Vested

 

   

(11,534)

 

 

6.44 

Forfeited

 

   

(2,000)

 

 

6.25 

Nonvested restricted stock at September 30, 2012

 

   

81,150 

 

$

6.00