Stock Options and Awards

12 Months Ended

Dec. 31, 2011

Stock Options and Awards [Abstract]

Stock Options and Awards

7. Stock Options and Awards

Stock Options

The Company has stock option plans for officers, other key employees, and non-employee directors. At the end of 2011 two plans have shares reserved for future issuance, the 1995 and 2010 plans.  Incentive stock options granted under the 1995 and 2010 plans must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 1995 and 2010 plans with restrictions determined by the Compensation Committee of the Company's Board of Directors. Under the 1995 and 2010 plans, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company's Board of Directors.  No options or restricted stock were granted in 2011, 2010 or 2009.

As of December 31, 2011, there were 500,000 shares available for future grant under the above noted 2010 plan and there were no shares available for grant under the 1995 plan. As of December 31, 2011, there were 525,500 shares of common stock reserved under all option plans for future issuance.

Information with respect to the Company's stock option plans is summarized below:

	Shares			Weighted Average Exercise Price
Outstanding at January 3, 2009		438,000		$	10.432
Exercised		(153,421	)		10.325
Cancelled		(62,829	)		10.170
Outstanding at January 2, 2010		221,750			10.581
Exercised		(141,750	)		9.514
Outstanding at January 1, 2011		80,000			12.471
Exercised		(54,500	)		11.952
Outstanding at December 31, 2011		25,500			13.580

Options Outstanding and Exercisable
Range of Exercise Prices		Outstanding and Exercisable as of December 31, 2011		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$	13.58		25,500		3.0	$	13.580

At December 31, 2011, outstanding and exercisable options had an intrinsic value of $163,710.  The total intrinsic value of stock options exercised in 2011 was $360,115.