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Note 5 - Stock Options
9 Months Ended
Aug. 31, 2015
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
5.  Stock Options
 
In May 2001, the Company approved a Long-Term Incentive and Stock Option Plan (“Plan”). The Plan reserved and has issued 1,400,000 shares of common stock for grant. As of August 31, 2015, there were 1,162,500 stock options exercised or forfeited under the Plan. 
 
 
   
For the nine months ended August 31,
 
   
2015
   
2014
 
Options outstanding at beginning of year
    314,400       368,373  
Granted
    -       -  
Forfeited or expired
    (76,900 )     (53,973 )
Exercised
    -       -  
Outstanding at end of year
    237,500       314,400  
 
To value option grants and other awards for stock-based compensation, the Company uses the Black-Scholes option valuation model. When the measurement date is certain, the fair value of each option grant is estimated on the date of grant and is based on the assumptions used for the expected stock price volatility, expected term, risk-free interest rates and future dividend payments.
 
The Company’s stock option terms expire in ten years and vary in vesting from immediate to a vesting period of five years.
 
The following table summarizes the stock options outstanding and exercisable at August 31, 2015:
 
Options Outstanding
   
Options Exercisable
 
Outstanding
   
Wghtd. Avg.
   
Wghtd. Avg.
   
Aggregate
   
Exercisable
   
Wghtd. Avg.
   
Aggregate
 
at 8/31/15
   
Remaining Life
   
Exercise Price
   
Intrinsic Value
   
at 8/31/15
   
Exercise Price
   
Intrinsic Value
 
237,500        1.05     $ 1.28     $ -       237,500     $ 1.28     $ -  
 
There is no computation for the aggregate intrinsic value in the table above because the outstanding options weighted average exercise price was greater than the Company’s closing stock price of $0.55 as of the last business day of the period ended August 31, 2015. There were 76,900 unexercised options that expired and no options exercised during the nine month period ended August 31, 2015.