Stock Option Plans

6 Months Ended

Jun. 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 six months ended June 30, 2011 and 2010:

		September 30,			September 30,
	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 June 30, 2011 and December 31, 2010, and changes during the periods ending on those dates is presented below:

		September 30,			September 30,		September 30,			September 30,
	Six Months ended June 30, 2011					Year ended December 31, 2010
	Shares			Weighted- average exercise price		Shares			Weighted- average exercise 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		(15,597	)		3.06		(57,920	)		12.21
Expired		—			—		—			—
Outstanding at end of period		609,583		$	4.93		463,642		$	5.84
Options exercisable at period end		339,264		$	6.92		257,037		$	8.24
Weighted-average fair value of options granted during the year				$	1.49				$	1.65

The following information applies to options outstanding at June 30, 2011:

	September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
		Options Outstanding						Options Exercisable
Range of Exercise Prices		Number Outstanding		Weighted-Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$1.90 - $2.51			475,746		8.8	$	2.39		209,263	$	2.44
$8.92			20,988		6.6		8.92		17,122		8.92
$11.36 - $14.16			56,974		4.1		13.44		56,974		13.44
$16.13 - $17.17			55,875		2.9		16.45		55,875		16.45
			609,583		7.8	$	4.93		339,264	$	6.92