Stock Based Compensation and Stock Options

3 Months Ended

Mar. 31, 2012

Stock Based Compensation and Stock Options [Abstract]

Stock Based Compensation and Stock Options

Note J - Stock Based Compensation and Stock Options

The Company has stock option plans for officers, other key employees, and non-employee directors. As of March 31, 2012 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 2010 plan with restrictions determined by the Compensation Committee of the Company's Board of Directors. Under the 1995 and 2010 plans, nonqualified 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 the first quarter of 2012 or 2011.

As of March 31, 2012, 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 March 31, 2012, there were 525,500 shares of common stock reserved under all option plans for future issuance.

	Three Months Ended March 31, 2012			Year Ended December 31, 2011
	Shares	Weighted - Average Exercise Price		Shares		Weighted - Average Exercise Price
Outstanding at beginning of period	25,500	$	13.580	80,000		$	12.471
Exercised	-		-	(54,500	)		11.952
Outstanding at end of period	25,500		13.580	25,500			13.580

Options Outstanding and Exercisable
Range of Exercise Prices		Outstanding as of March 31, 2012		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price
$	13.58		25,500		2.7		13.580

At March 31, 2012, outstanding and exercisable options had an intrinsic value of $163,710.