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Stock Option Plans
9 Months Ended
Sep. 30, 2011
Stock Option Plans [Abstract] 
Stock Option Plans
5.  
Stock Option Plans
   
The Corporation follows a fair-value based method for valuing stock-based compensation that measures compensation cost at the grant date based on the fair value of the award.
   
The fair value of each option grant is estimated on the date of grant using the modified Black-Scholes options-pricing model. The following table details the fair value and assumptions used to value stock options as of the grant date that were granted during the nine months ended September 30, 2011 and 2010:
                 
    2011     2010  
 
               
Fair value, calculated
  $ 1.49     $ 1.65  
Exercise Price
  $ 2.14     $ 2.51  
Risk-free interest rate
    3.58 %     3.61 %
Expected stock price volatility
    57.30 %     51.62 %
Expected dividend yield
    —       —  
Expected Life
  10 years     10 years  
A summary of the status of the Corporation’s stock option plans as of September 30, 2011 and December 31, 2010, and changes during the periods ending on those dates is presented below:
                                 
    Nine Months ended     Year ended  
    September 30, 2011     December 31, 2010  
            Weighted-             Weighted-  
            average             average  
            exercise             exercise  
    Shares     price     Shares     price  
Outstanding at beginning of period
    463,642     $ 5.84       260,833     $ 10.59  
Granted
    161,538       2.14       260,729       2.51  
Exercised
    —       —       —          
Forfeited
    (23,102 )     5.78       (57,920 )     12.21  
Expired
    (3,000 )     —       —       —  
 
                       
Outstanding at end of period
    599,078       4.85       463,642     $ 5.84  
 
                       
 
                               
Options exercisable at period end
    329,203       6.82       257,037     $ 8.24  
 
                       
Weighted-average fair value of options granted during the period
          $ 1.49             $ 1.65  
 
                           
   
The following information applies to options outstanding at September 30, 2011:
                                         
    Options Outstanding     Options Exercisable  
            Weighted-Average     Weighted-             Weighted-  
            Remaining     Average             Average  
Range of Exercise   Number     Contractual     Exercise     Number     Exercise  
Prices   Outstanding     Life (Years)     Price     Exercisable     Price  
$1.90 – $2.51
    472,822       8.6     $ 2.39       206,813     $ 2.44  
$8.92
    19,260       6.3       8.92       15,394       8.92  
$11.36 – $14.16
    52,121       4.1       13.46       52,121       13.46  
$16.13 – $17.17
    54,875       2.6       16.45       54,875       16.45  
 
                             
 
    599,078       7.6     $ 4.85       329,203     $ 6.82