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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:

 

      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 September 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,  
    Nine Months ended
September 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

     (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:

 

    September 30,   September 30,   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

                 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