Note 10 - Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.  EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

The Company has granted options to purchase up to a total of 243,500 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant.  As of March 31, 2012, 29,000 shares remain available for grant under two plans.  The employee options generally vest one-third per year beginning with the first anniversary from the date of grant.   The non- employee director options generally vest one year from the date of grant.

Compensation expense related to stock options granted was $1,469 and $4,800 for the years ended March 31, 2012 and 2011, respectively.  As of March 31, 2012, there was no unrecognized compensation expense, related to the stock options.  Options to purchase 2,500 shares were granted in fiscal 2011 and no options were granted in fiscal 2012.

Option activity is summarized as follows:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Life(Years)		Aggregate Intrinsic Value
Outstanding at March 31, 2010		227,000		$	8.58
Granted		2,500			8.92
Exercised		-			-
Forfeited		-			-
Outstanding at March 31, 2011		229,500			8.59
Granted		-			-
Exercised		(15,000	)		8.29			$	18,900
Forfeited		(14,500	)		8.80
Outstanding at March 31, 2012		200,000		$	8.59		4.47	$	218,000
Exercisable at March 31, 2012		200,000		$	8.59		4.47	$	218,000

During the year ended March 31, 2012, options to acquire 625 shares vested with a weighted average grant-date fair value of $2.51 and as of March 31, 2012, all options were vested.