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Accounting for Stock-Based Compensation
9 Months Ended
Sep. 30, 2011
Accounting for Stock-Based Compensation 
Accounting for Stock-Based Compensation

 

9.                          Accounting for Stock-Based Compensation

 

During the three- and nine-months ended September 30, 2011, the Company had no stock-based compensation expense.  For the three- and nine-months ended September 30, 2010, the Company recognized $0 and $30,000 in stock-based compensation expense relating to stock options awarded in May 2010 and recognized $2,000 and $7,000 relating to restricted stock granted in August 2009, respectively.  At September 30, 2011, all of the outstanding options under the plan were fully vested.

 

A summary of option activity under the Company’s employee stock option plan for the nine months ended September 30, 2011, is presented below:

 

Options

 

Shares

 

Weighted-
Average
Exercise
Price

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of year

 

6,309

 

$

16.10

 

 

 

 

 

Granted

 

—

 

$

—

 

 

 

 

 

Exercised

 

—

 

$

—

 

 

 

 

 

Expired or forfeited

 

(2,800

)

$

22.00

 

 

 

 

 

Outstanding at end of period

 

3,509

 

$

11.40

 

3.6

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Exercisable at September 30, 2011

 

3,509

 

$

11.40

 

3.6

 

$

—