Stock Option Plan

9 Months Ended

Sep. 30, 2012

Stock Option Plan

5. Stock Option Plan

For the nine month periods ended September 30, 2012 and 2011, the Company did not recognize any compensation expense related to its stock option plans. Expense is recognized ratably over the five-year vesting period of the options. At September 30, 2012, there was no unrecognized compensation expense related to nonvested stock options to be recognized over the remaining vesting period. The Black-Scholes option pricing model was used to determine the fair value of the options granted in prior periods.