Stock Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2012

Stock Compensation Plans [Abstract]

Summary of non-expired stock option plans outstanding

Pursuant to our stock option plans, we have a total 843,500 outstanding options, as follows.

					Weighted Average		Weighted
	Range of		Outstanding at		Contractual		Average		Exercisable at
	Exercise Price		June 30, 2012		Periods in Years		Exercise Price		June 30, 2012
1998 Plan	$	8.67 - $16.59		78,500		1.22	$	12.73		67,100
2002 Plan	$	2.45 - $18.21		765,000		6.23	$	5.36		280,400

Activity in stock option plans

Activity in our stock option plans for the period from January 1, 2010 to June 30, 2012 is summarized below.

	1998 Plan					2002 Plan
	Number of Shares			Weighted Average Option Exercise Price		Number of Shares			Weighted Average Option Exercise Price
Outstanding at January 1, 2010		124,599		$	15.88		736,951		$	12.03
Granted		-		$	-		109,500		$	3.59
Exercised		-		$	-		-		$	-
Cancelled		(34,849	)	$	23.74		(271,651	)	$	14.78
Outstanding at January 1, 2011		89,750		$	12.83		574,800		$	9.12
Granted		-		$	-		179,000		$	2.45
Exercised		-		$	-		-		$	-
Cancelled		-		$	-		(129,100	)	$	14.29
Outstanding at January 1, 2012		89,750		$	12.83		624,700		$	6.15
Granted		-		$	-		181,500		$	4.40
Exercised		-		$	-		(1,000	)	$	3.30
Cancelled		(11,250	)	$	13.54		(40,200	)	$	13.17
Outstanding at June 30, 2012		78,500		$	12.92		765,000		$	6.15

Maturity schedule of exercisable options outstanding

Options outstanding as of June 30, 2012 are exercisable as follows.

	1998 Plan				2002 Plan
Options Exercisable at:	Number of Shares		Weighted Average Option Exercise Price		Number of Shares		Weighted Average Option Exercise Price
June 30, 2012		67,100	$	12.92		280,400	$	6.15
December 31, 2012		10,700	$	12.92		87,863	$	6.15
December 31, 2013		700	$	12.92		168,388	$	6.15
December 31, 2014		-	$	-		149,049	$	6.15
December 31, 2015		-	$	-		79,300	$	6.15
December 31, 2016		-	$	-		-	$	-
Thereafter		-	$	-		-	$	-
Total options exercisable		78,500				765,000

Assumptions used to estimate the fair value of options granted

The fair value of options granted is estimated on the date of grant using the following assumptions.

	June 30, 2012	June 30, 2011
Dividend yield	N/A	N/A
Expected volatility	39.79	N/A
Risk-free interest rate	0.28	N/A
Expected life (in years)	4.45	N/A