Stock Based Compensation

6 Months Ended

Jun. 30, 2011

Stock Based Compensation

Note 6 – Stock Based Compensation

The Company recognizes share-based compensation at fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expense was $125,828 and $112,100 for the quarters ended June 30, 2011 and June 30, 2010, respectively. Share-based compensation expense was $209,438 and $189,200 for the six months ended June 30, 2011 and June 30, 2010, respectively. During the three months ended June 30, 2011, the Company issued 18,500 options with a weighted average fair value of $2.28 per share. During the six months ended June 30, 2011 the Company issued 78,500 options with a weighted average fair value of $2.46. 

As of June 30, 2011, there was a total of $636,000 of unrecognized compensation cost related to non-vested share –based payments granted to the Company’s employees.  The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years.