-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OVI/GhFmjnPmVAaIE5xB62hy6Bc5k2XHD+3Ap+OD+BttboJ6Ct8cDUO7QHR53L3c
 lbLpUDySyEMhuA3ptJy1cQ==

<SEC-DOCUMENT>0001209191-08-051316.txt : 20080910
<SEC-HEADER>0001209191-08-051316.hdr.sgml : 20080910
<ACCEPTANCE-DATETIME>20080910163610
ACCESSION NUMBER:		0001209191-08-051316
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080910
FILED AS OF DATE:		20080910
DATE AS OF CHANGE:		20080910

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WARWICK VALLEY TELEPHONE CO
		CENTRAL INDEX KEY:			0000104777
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				141160510
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1220

	BUSINESS ADDRESS:	
		STREET 1:		47 49 MAIN ST
		CITY:			WARWICK
		STATE:			NY
		ZIP:			10990
		BUSINESS PHONE:		9149861101

	MAIL ADDRESS:	
		STREET 1:		47 49 MAIN ST
		STREET 2:		PO BOX 592
		CITY:			WARWICK
		STATE:			NY
		ZIP:			10990

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Volz Kenneth H
		CENTRAL INDEX KEY:			0001388048

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11174
		FILM NUMBER:		081065520

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		845-986-2107

	MAIL ADDRESS:	
		STREET 1:		2875 CRABTREE LANE
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl33190_bcl1.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-09-10</periodOfReport>

    <issuer>
        <issuerCik>0000104777</issuerCik>
        <issuerName>WARWICK VALLEY TELEPHONE CO</issuerName>
        <issuerTradingSymbol>WWVY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001388048</rptOwnerCik>
            <rptOwnerName>Volz Kenneth H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2875 CRAB TREE LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NORTHBROOK</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>600062</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP,CFO,Treasurer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Restricted Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-09-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10.78</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-09-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Stock option awarded pursuant to the Warwick Valley Telephone Company, Inc. 2008 Long term Incentive Plan (the &quot;2008 Plan&quot;). This award replaces the stock value appreciation bonus granted to Mr. Volz in 2007.</footnote>
        <footnote id="F2">The option shall vest and become exercisable as follows, with any fractional share resulting from such proration vesting on the third anniversary: (i) one third of the shares subject to the stock option upon the date that is one year from the date of the agreement if the participant continues to be employed by the Company on such date; (ii) an additional one-third of the shares subject to the stock option upon the date that is two years from the date of the agreement if the participant continues to be employed by the Company on such date; and (iii) the remaining one-third of the shares subject to the stock option upon the date that is three years from the date of the agreement if the participant continues to be employed by the company on such date.</footnote>
        <footnote id="F3">Restricted stock awarded pursuant to the 2008 Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/  Kenneth H. Volz, Executive Vice President &amp; CFO</signatureName>
        <signatureDate>2008-09-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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