Stock Based Compensation and Stock Options

9 Months Ended

Sep. 29, 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 September 29, 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 nine months of 2012 or 2011.

As of September 29, 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 September 29, 2012, there were 521,000 shares of common stock reserved under all option plans for future issuance.

	Nine Months Ended September 29, 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		(4,500	)			13.580		(54,500	)			11.952
Outstanding at end of period		21,000				13.580		25,500				13.580

Options Outstanding and Exercisable
Range of Exercise Prices		Outstanding as of September 29, 2012		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price
$	13.58		21,000		2.2		13.580

At September 29, 2012, outstanding and exercisable options had an intrinsic value of $108,360.  The total intrinsic value of stock options exercised in the first nine months of 2012 was $12,150.  For the nine month periods ended September 29, 2012 and October 1, 2011, the Company recognized tax benefits of $0 and $98,034, respectively, resulting from the disqualification of incentive stock options that were exercised and sold prior to the required holding period.