Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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

6.   Stock-Based Compensation Plans

Our stock option plan provides for the granting of both incentive and nonqualified stock options at exercise prices not less than the fair market value of the common stock on the date of grant and expiration dates of up to ten years. Terms of the options are determined by our Board of Directors at the date of grant and generally vest over periods of three to four years. Payment of the option price may be in cash or shares of common stock at fair market value on the exercise date at the election of the employee. Non-employee directors are eligible to receive only nonqualified stock options. We may grant stock options under the current plan for an additional 172,195 shares of common stock. The aggregate intrinsic value for options outstanding and exercisable at September 30, 2012 and December 31, 2011 was $0. There was $0 in total compensation cost related to unvested options not recognized at September 30, 2012 and December 31, 2011, respectively. The Company recognized $0 in expense for stock options for the three and nine months ended September 30, 2012 and 2011. The Company has options vested of 159,100 with aggregate intrinsic value of $0 and a weighted average remaining contractual term of 3.5 years as of September 30, 2012. During the nine months ended September 30, 2012, no options were granted or expired, while 9,000 were forfeited.

For the three and nine months ended September 30, 2012, we recognized $48,000 and $153,000 in expense for restricted stock awards, respectively. We did not grant restricted stock awards during the first nine months of 2012. The fair value of the restricted stock awards was calculated based on the Company’s stock price at the date of issuance. There were no forfeitures during the first nine months of 2012. At September 30, 2012, there were 37,022 outstanding and unvested restricted stock awards. For the three and nine months ended September 30, 2011, we recognized $41,000 and $109,000 in expense for restricted stock awards, respectively.

For the three and nine months ended September 30, 2012, we recognized $0 of expense for deferred stock units. For the three and nine months ended September 30, 2011, we recognized $60,000 and $175,000 of expense for deferred stock units, respectively. During the first nine months of 2012 there were no deferred stock units granted or forfeited.