Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 7 - Stock-Based Compensation

We currently have stock-based compensation plans in place for our directors, officers, employees, consultants and advisors.   Under the terms of these plans we may grant restricted shares and stock options for the purchase of our common stock.  The stock-based compensation is granted under terms determined by the Compensation Committee of the Board of Directors.  Our standard stock option grants have a maximum term of ten years, generally vest over periods ranging between one and four years, and are granted with an exercise price equal to the fair market value of the common stock on the date the options are granted.  Restricted stock is valued at the market value of the common stock on the date of grant and generally vests between two and seven years.  All dividends paid on restricted stock, whether vested or unvested, are granted to the stockholder.

Information regarding our stock option plans as of September 30, 2011 was as follows:

		Weighted
		Average	Weighted
		Exercise	Average	Aggregate
	Number of	Price per	Contractual	Intrinsic
	Shares	Share	Term	Value
Options outstanding, beginning of year	116,075	$        12.33
Options expired	-	-
Options forfeited	(3,438)	14.20
Options outstanding, end of quarter	112,637	$        12.27	2.28	$             -
Options exercisable, end of quarter	112,637	$        12.27	2.28	$             -
Option price range at end of quarter	$8.86 to $16.45
Option price range for exercisable shares	$8.86 to $16.45

During the first nine months of 2011 and 2010, we expensed $72 thousand and $47 thousand, respectively, in stock-based compensation under restricted stock awards. Information regarding our restricted stock activity as of September 30, 2011 is as follows:

		Weighted Average
	Number of	Grant Date
	Shares	Fair Value
Restricted stock, beginning of year	101,991	$          4.71
Granted	22,805	6.25
Forfeited	(1,683)	5.85
Vested	(7,709)	6.47
Restricted stock, end of quarter	115,404	$          4.88

At September 30, 2011, unrecognized compensation expense for non-vested restricted stock was $479 thousand, which is expected to be recognized over an average period of 4.3 years.