10-Q/A

UNITED STATES

SECURITIES & EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2012
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No. 1-106

THE LGL GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	38-1799862
(State or Other Jurisdiction of	(I.R.S. Employer Identification No.)
Incorporation or Organization)
2525 Shader Rd., Orlando, Florida	32804
(Address of principal executive offices)	(Zip Code)
(407) 298-2000
(Registrant's telephone number, including area code)
(Former name, former address, and former fiscal year if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes xNo o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes xNo o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer oAccelerated filer o

Non-accelerated filer oSmaller reporting company x

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding at August 13, 2012
Common Stock, $0.01 par value	2,599,497

EXPLANATORY NOTE

This Amendment No. 1 (this "Amendment") to the Quarterly Report on Form 10-Q of The LGL Group, Inc. (the "Company") for the quarter ended June 30, 2012 (the "Original Filing"), originally filed with the U.S. Securities and Exchange Commission (the "SEC") on August 14, 2012, is being filed for the sole purpose of furnishing XBRL Interactive Data Files as Exhibit 101 in accordance with Rule 405(a)(2) of Regulation S-T. This Amendment revises the exhibit index included in Part II, Item 6 of the Original Filing and Exhibit 101 is included as an exhibit to this Amendment.

Except as described above, this Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Filing in any way.  This Amendment speaks as of the date of the Original Filing and does not reflect events occurring after the filing of the Original Filing.  Accordingly, this Amendment should be read in conjunction with the Original Filing, as well as any other filings made by the Company with the SEC pursuant to Section 13(a) or 15(d) of Securities Exchange Act of 1934, as amended, subsequent to the filing of the Original Filing.

Item 6.Exhibits.

The following is a list of exhibits filed as part of this Form 10-Q:

Exhibit No.	Description
31.1	Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	XBRL Instance Document**
101.SCH	XBRL Taxonomy Extension Schema Document**
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB	XBRL Taxonomy Extension Label Linkbase Document**
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document**

____________

* Previously filed.

** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed "furnished" and not "filed" or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, or deemed "furnished" and not "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE LGL GROUP, INC.
Date:            September 13, 2012	BY:	/s/ Gregory P. Anderson
		Gregory P. Anderson
		President and Chief Executive Officer (Principal Executive Officer)
Date:           September 13, 2012	BY:	/s/ R. LaDuane Clifton
		R. LaDuane Clifton
		Chief Accounting Officer (Principal Financial Officer)

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Foreign Revenues (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Foreign revenues [Abstract]
Total foreign revenues	$ 3,937	$ 5,132	$ 7,259	$ 9,979
China [Member]
Foreign revenues [Abstract]
Total foreign revenues	910	1,675	1,844	2,952
Malaysia [Member]
Foreign revenues [Abstract]
Total foreign revenues	1,339	1,385	2,418	2,998
Thailand [Member]
Foreign revenues [Abstract]
Total foreign revenues	403	420	762	714
All other foreign countries [Member]
Foreign revenues [Abstract]
Total foreign revenues	$ 1,285	$ 1,652	$ 2,235	$ 3,315

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Notes Payable to Banks and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2012

Notes Payable to Banks and Long-Term Debt [Abstract]

Schedule of debt including short and long term

	June 30, 2012		December 31, 2011
	(in thousands)
Notes Payable to Banks:
MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at June 30, 2012), due June 30, 2013.	$	2,517	$	3,026
Long-Term Debt:
MtronPTI term loan with Chase due January 31, 2013. The note bears interestat a fixed rate of 5.00%		231		400
Less: Current maturities		231		400
Long-Term Debt	$	--	$	--

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Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Presentation [Abstract]

Basis of Presentation

B. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2012, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2012.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

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Notes Payable to Banks and Long-Term Debt (Details) (USD $)			6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 J.P. Morgan Chase Bank [Member]	Jun. 30, 2012 J.P. Morgan Chase Bank [Member] Revolving loan [Member]	Jun. 30, 2012 J.P. Morgan Chase Bank [Member] Revolving loan [Member] LIBOR [Member]	Jun. 30, 2012 J.P. Morgan Chase Bank [Member] Revolving loan [Member] Prime rate [Member]	Jun. 30, 2012 J.P. Morgan Chase Bank [Member] Term loan [Member]	Jun. 30, 2011 J.P. Morgan Chase Bank [Member] Term loan [Member]
Notes Payable:
MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at September 30, 2011), due June 30, 2013.	$ 2,517,000	$ 3,026,000
Long-Term Debt:
MtronPTI term loan	231,000	400,000						536,000
Less: Current maturities	231,000	400,000
Long-Term Debt	0	0
Debt instrument, reference rate					one-month LIBOR rate	prime rate
Debt instrument, reference rate (in hundredths)					2.50%
Revolving loan, interest rate (in hundredths)				3.25%
Debt instrument, maturity due date				Jun. 30, 2013			Jan. 31, 2013
Note, percentage bearing fixed interest rate (in hundredths)							5.00%
Credit facilities provides under chase loan agreement [Abstract]
Line of credit facility amount solely for working capital				4,000,000
Line of credit facility amount solely for tangible capital expenditures				2,000,000
Term loan, amount	231,000	400,000						536,000
Term loan periodic installment							29,500
Financial covenants under chase loan agreement [Abstract]
Tangible net worth as financial covenant, minimum			$ 7,500,000
Percentage of net income as financial covenant required, minimum (in hundredths)			50.00%

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Inventories (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Classification of inventories [Abstract]
Raw materials, net	$ 2,887,000	$ 2,864,000
Work in process, net	1,666,000	1,384,000
Finished goods, net	1,355,000	1,428,000
Total Inventories, net	5,908,000	5,676,000
Inventory Reserve for Obsolescence	$ 2,091,000	$ 1,942,000

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Stock Based Compensation (Details) (USD $)	6 Months Ended	0 Months Ended	6 Months Ended		0 Months Ended	24 Months Ended		0 Months Ended
	Jun. 30, 2012	Mar. 14, 2011 Stock Options [Member]	Jun. 30, 2012 Stock Options [Member]	Jun. 30, 2011 Stock Options [Member]	Feb. 29, 2012 Restricted Stock [Member]	Dec. 15, 2012 Restricted Stock [Member]	Jun. 30, 2012 Restricted Stock [Member]	Feb. 29, 2012 Restricted Stock Issued to Executives [Member]
Stock-Based Compensation [Abstract]
Share-based compensation arrangement, expected dividend rate (in hundredths)	0.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares granted options to purchase (in shares)				90,000
Exercise price of stock options granted (in dollars per share)			$ 22.5
Percentage of shares vested on first anniversary of the grant date (in hundredths)		30.00%			30.00%	30.00%
Percentage of shares vested on second anniversary of the grant date (in hundredths)		30.00%			30.00%	30.00%
Percentage of shares vested on third anniversary of the grant date (in hundredths)		40.00%			40.00%	40.00%
Stock option, expiration date			Mar. 14, 2016
Restricted shares granted (in shares)					7,132	12,647		3,733
Number of employees who received grants					14	14
Unrecognized compensation expense	$ 724,000
Unvested shares outstanding (in shares)							15,986
Unvested options outstanding (in shares)			63,000

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Earnings Per Share (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Earnings (Loss) Per Share [Abstract]
Shares of common stock excluded from computation of diluted earnings per share (in shares)	90,000	90,000

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Subsidiaries of the Registrant

6 Months Ended

Jun. 30, 2012

Subsidiaries of the Registrant [Abstract]

Subsidiaries of the Registrant

A. Subsidiaries of the Registrant

The LGL Group, Inc. (the "Company"), formerly Lynch Corporation, incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007, is a holding company with subsidiaries engaged in the design, manufacture, and sale of standard and custom engineered electronic components.

As of June 30, 2012, the subsidiaries of the Company are as follows:

	Owned By LGL
M-tron Industries, Inc.		100.0	%
M-tron Industries, Ltd.		99.9	%
Piezo Technology, Inc.		100.0	%
Piezo Technology India Private Ltd.		99.0	%
Lynch Systems, Inc.		100.0	%

The Company operates through its principal subsidiary, M-tron Industries, Inc., which includes the operations of M-tron Industries, Ltd. ("Mtron") and Piezo Technology, Inc. ("PTI").  The combined operations of Mtron and PTI are referred to herein as "MtronPTI." MtronPTI has operations in Orlando, Florida, Yankton, South Dakota and Noida, India.  In addition, MtronPTI has sales offices in Hong Kong and Shanghai, China. During 2007, the Company sold the operating assets of Lynch Systems, Inc., a subsidiary of the Company, to an unrelated third party.

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Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Equity securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	$ 43	$ 40
U.S. Treasury securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	6,838	10,087
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	43	40
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	6,838	10,087
Significant Other Observable Inputs (Level 2) [Member] | Equity securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	0	0
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	0	0
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	$ 0	$ 0

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Condensed Consolidated Balance Sheets - Unaudited (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 7,926	$ 13,709
Restricted Cash and Cash Equivalents, Current	4,000	0
Accounts receivable, less allowances of $116 and $131, respectively (Note A)	4,245	4,309
Inventories, net (Notes C)	5,908	5,676
Deferred income taxes	960	960
Prepaid expenses and other current assets	259	292
Total Current Assets	23,298	24,946
Property, Plant and Equipment:
Land	640	640
Buildings and improvements	3,776	3,620
Machinery and equipment	15,374	15,001
Gross property, plant and equipment	19,790	19,261
Less: accumulated depreciation	(14,977)	(14,731)
Net property, plant and equipment	4,813	4,530
Deferred income taxes, net	2,762	2,385
Other assets, net	536	560
Total Assets	31,409	32,421
Current Liabilities:
Note payable to bank (Note D)	2,517	3,026
Accounts payable	2,057	1,755
Accrued compensation and commissions expense	1,328	1,102
Other accrued expenses	310	545
Current maturities of long-term debt (Note D)	231	400
Total Current Liabilities	6,443	6,828
Long-term debt, net of current portion (Note D)	0	0
Total Liabilities	6,443	6,828
Stockholders' Equity:
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,635,320 shares issued and 2,599,866 shares outstanding at March 31, 2012, and 2,628,188 shares issued and 2,592,734 shares outstanding at December 31, 2011	26	26
Additional paid-in capital	27,834	27,656
Accumulated deficit	(2,607)	(1,799)
Treasury stock; 35,454 shares held in treasury at cost at March 31, 2012 and December 31, 2011	(315)	(315)
Accumulated other comprehensive income (loss)	28	25
Total Stockholders' Equity	24,966	25,593
Total Liabilities and Stockholders' Equity	$ 31,409	$ 32,421

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Condensed Consolidated Statement of Stockholder's Equity-Unaudited (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury stock
Balance at Dec. 31, 2011	$ 25,593	$ 26	$ 27,656	$ (1,799)	$ 25	$ (315)
Balance (in shares) at Dec. 31, 2011	2,592,734	2,592,734
Comprehensive income:
Net loss for period	(808)	0	0	(808)	0	0
Other comprehensive income	3	0	0	0	3	0
Stock-based compensation (shares)		7,132
Stock-based compensation	178	0	178	0	0	0
Balance at Jun. 30, 2012	$ 24,966	$ 26	$ 27,834	$ (2,607)	$ 28	$ (315)
Balance (in shares) at Jun. 30, 2012	2,599,866	2,599,866

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Related Party Transactions (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 7,926,000	$ 13,709,000	$ 10,985,000	$ 4,147,000
Amount invested in United States Treasury money market funds	$ 6,838,000	$ 10,087,000

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Fair Value Measurements (Policies)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

The Company measures financial and non-financial assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures.  These measurements involve various valuation techniques and assume that the transactions would occur between market participants in the most advantageous market for the Company.  The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of June 30, 2012 and December 31, 2011:

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Subsequent Events (Details) (Subsequent Event [Member], USD $)	0 Months Ended
	Aug. 09, 2012
Subsequent Event [Member]
Subsequent Event [Line Items]
Options granted	40,000
Vesting period	3 years
Exercise price of stock options granted (in dollars per share)	$ 10.00

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Inventories (Tables)

6 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Schedule of inventories

Inventories are stated at the lower of cost or market value.  The Company reduces the value of its inventories to market value when the value is believed to be less than the cost of the item.

	June 30, 2012		December 31, 2011
	(in thousands)
Raw materials, net	$	2,887	$	2,864
Work in process, net		1,666		1,384
Finished goods, net		1,355		1,428
Total Inventories, net	$	5,908	$	5,676

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Condensed Consolidated Statements of Cash Flows-Unaudited (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
OPERATING ACTIVITIES
Net income (loss)	$ (808,000)	$ 587,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	331,000	336,000
Amortization of finite-lived intangible assets	42,000	72,000
Stock-based compensation	178,000	118,000
Deferred income taxes	(377,000)	213,000
Changes in operating assets and liabilities:
Decrease in accounts receivable	64,000	592,000
Increase in inventories	(232,000)	(922,000)
Increase in trade accounts payable, accrued liabilities and other liabilities	296,000	717,000
Decrease in other current assets	15,000	20,000
Net cash provided by (used in) operating activities	(491,000)	1,733,000
INVESTING ACTIVITIES
Capital expenditures	(614,000)	(1,166,000)
Net cash used in investing activities	(614,000)	(1,166,000)
FINANCING ACTIVITIES
Net repayments on note payable to bank	(509,000)	0
Increase in restricted cash	(4,000,000)	0
Proceeds from issuance of common stock	0	6,562,000
Payment of expenses related to the public offering	0	(158,000)
Proceeds from long-term debt	0	536,000
Repayments on long-term debt	(169,000)	(669,000)
Net cash provided by (used in) financing activities	(4,678,000)	6,271,000
Increase (decrease) in cash and cash equivalents	(5,783,000)	6,838,000
Cash and cash equivalents at end of period	13,709,000	4,147,000
Cash and cash equivalents at end of period	7,926,000	10,985,000
Supplemental Disclosure:
Cash paid for income taxes	24,000	35,000
Cash paid for interest	$ 54,000	$ 31,000

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Condensed Consolidated Balance Sheets - Unaudited (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current Assets:
Accounts receivable, allowances	$ 75	$ 131
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	2,635,320	2,628,188
Common stock, outstanding (in shares)	2,599,866	2,592,734
Treasury stock, shares	35,454	35,454

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Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

J. Stockholders' Equity

On August 29, 2011, the Board authorized the Company to repurchase up to 100,000 shares of its common stock in accordance with applicable securities laws. This authorization increased the total number of shares authorized and available for repurchase under the Company's existing share repurchase program to 540,000 shares, at such times, amounts and prices as the Company shall deem appropriate. As of June 30, 2012, the Company has repurchased a total of 35,454 shares of common stock under this program at a cost of $315,000, which shares are currently held in treasury.  The Company did not repurchase any shares of common stock under this program during the six months ended June 30, 2012.

On February 4, 2011, the Company completed a public offering of 350,000 shares of common stock at $20.00 per share.  The aggregate number of shares sold reflects and includes the exercise in full by the underwriter of its over-allotment option to purchase 45,652 additional shares of common stock.  The Company received net proceeds of $6,404,000 from the offering, after deducting the underwriting discounts and commissions and offering expenses.  These proceeds have been and will continue to be used for general corporate purposes, including working capital and potential technology acquisitions or other strategic ventures.

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Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2012	Aug. 13, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	LGL GROUP INC
Entity Central Index Key	0000061004
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 21,831,868
Entity Common Stock, Shares Outstanding		2,599,497
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012

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Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions

K. Related Party Transactions

At June 30, 2012, the Company had $7,926,000 of cash and cash equivalents compared with $13,709,000 at December 31, 2011.  Of this amount, $6,838,000 at June 30, 2012, compared with $10,087,000 at December 31, 2011, is invested in United States Treasury money market funds for which an entity controlled by a 10% stockholder and for which a Director of the Company serves as a Director, serves as the investment manager. The fund transactions in 2012 and 2011 are directed at the discretion of Company management and carried out by the related party.

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Condensed Consolidated Statements of Operations-Unaudited (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Operations [Abstract]
REVENUES	$ 7,582	$ 9,646	$ 14,756	$ 18,666
Cost and expenses:
Manufacturing cost of sales	5,575	6,583	11,152	12,661
Engineering, selling and administrative	2,297	2,499	4,695	5,058
Total Cost and Expenses	7,872	9,082	15,847	17,719
OPERATING INCOME (LOSS)	(290)	564	(1,091)	947
Other income (expense):
Interest expense	(28)	(29)	(54)	(41)
Other income (expense)	(8)	5	(40)	14
Total Other Income (Expense)	(36)	(24)	(94)	(27)
INCOME (LOSS) BEFORE INCOME TAXES	(326)	540	(1,185)	920
Income tax benefit (provision)	111	(194)	377	(333)
NET INCOME (LOSS)	$ (215)	$ 346	$ (808)	$ 587
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	2,599,866	2,617,260	2,597,554	2,549,580
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (in dollars per share)	$ (0.08)	$ 0.13	$ (0.31)	$ 0.23

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Stock Based Compensation

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

E. Stock-Based Compensation

The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. Historical Company information was the primary basis for the expected volatility assumption. The fair value of grants was calculated using historical volatility as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. Accounting Standards Codification ("ASC") 718, Stock Compensation, also requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based on past history of actual performance, a zero forfeiture rate has been assumed.

On February 29, 2012, the Board of Directors granted a total of 7,132 restricted shares to 14 employees of the Company under the 2011 Incentive Plan with a grant date fair value of $8.44 per share, 3,733 of which were granted to executive officers. These shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.

On March 14, 2011, the Board of Directors granted options to purchase a total of 90,000 shares of the Company's common stock to members of senior management and the Company's Chairman of the Board. These stock options have an exercise price of $22.50 and vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.  These stock options expire on March 14, 2016.

Restricted stock awards are granted at a value equal to the market price of our common stock on the date of the grant. On December 15, 2010, the Board of Directors granted a total of 12,647 restricted shares to 14 employees of the Company. These shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.

As of June 30, 2012, there was approximately $724,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.  There were 15,986 unvested restricted shares, and 63,000 unvested stock options at June 30, 2012.

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Notes Payable to Banks and Long-Term Debt

6 Months Ended

Jun. 30, 2012

Notes Payable to Banks and Long-Term Debt [Abstract]

Notes Payable to Banks and Long-Term Debt

D. Notes Payable to Banks and Long-Term Debt

	June 30, 2012		December 31, 2011
	(in thousands)
Notes Payable to Banks:
MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at June 30, 2012), due June 30, 2013.	$	2,517	$	3,026
Long-Term Debt:
MtronPTI term loan with Chase due January 31, 2013. The note bears interestat a fixed rate of 5.00%		231		400
Less: Current maturities		231		400
Long-Term Debt	$	--	$	--

On June 30, 2011, certain of the Company's subsidiaries, together referred to as MtronPTI, entered into a loan agreement with Chase (the "Chase Loan Agreement"). The Chase Loan Agreement provides for the following credit facilities: (i) a revolving line of credit in the amount of $4,000,000, to be used solely for working capital needs (the "Chase Revolving Loan"), (ii) a commercial line of credit in the amount of $2,000,000, to be used solely for tangible capital expenditures and, at Chase's sole discretion, business acquisitions (the "Chase Commercial Loan"), and (iii) a term loan in the amount of $536,000 (the "Chase Term Loan"). The Chase Revolving Loan bears interest at the greater of (x) Chase's prime rate or (y) the one-month LIBOR rate plus 2.50% per annum (the "CB Rate"), with interest due and payable on a monthly basis and the outstanding principal balance plus all accrued but unpaid interest due and payable on June 30, 2013. The Chase Commercial Loan bore interest at the CB Rate, with interest due and payable on a monthly basis and the outstanding principal balance plus all accrued but unpaid interest due and payable on June 30, 2012.  There was no amount outstanding under the Chase Commercial Loan as of June 30, 2012, or December 31, 2011.  The Chase Commercial Loan expired on June 30, 2012.  The Chase Term Loan bears interest at 5.00% per annum, with principal and interest due and payable in monthly installments of $29,500 and the outstanding principal balance, plus all accrued but unpaid interest due and payable on January 31, 2013.

All outstanding obligations of MtronPTI under the Chase Loan Agreement are collateralized by a first priority security interest in all of the assets of MtronPTI, excluding real property. Additionally, in connection with the Chase Loan Agreement, PTI entered into a separate agreement with Chase providing that PTI would not mortgage or otherwise encumber certain real property it owns in Florida while the credit facilities under the Chase Loan Agreement are outstanding.

The Chase Loan Agreement contains a variety of affirmative and negative covenants, including, but not limited to, a financial covenant that MtronPTI maintain tangible net worth not less than the sum of $7,500,000, plus 50% of the net income earned by MtronPTI for the preceding six-month period at June 30, 2011, with the threshold amount continuing to increase at December 31^st and June 30^th of each year by 50% of the net income earned by MtronPTI for the preceding six months.

On June 28, 2012, MtronPTI entered into a First Amendment to Master Loan Agreement with Chase, which amended the Chase Loan Agreement to delete financial covenants relating to the maintenance of minimum levels of net income and a minimum debt service coverage ratio.  On May 15, 2012, MtronPTI made a cash collateral deposit of $4,000,000 with Chase as additional security for its obligations under the Chase Loan Agreement and entered into an Assignment of Deposit agreement with Chase providing Chase with a security interest in the account holding the deposit.  The amount of this deposit is included in restricted cash in the accompanying condensed consolidated balance sheet as of June 30, 2012.  The Assignment of Deposit agreement restricts MtronPTI's ability to withdraw any portion of the deposit and does not allow MtronPTI to assign the deposit or any part thereof.

As of June 30, 2012, MtronPTI was in compliance with all covenants under the Chase Loan Agreement.

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Subsidiaries of the Registrant (Tables)

6 Months Ended

Jun. 30, 2012

Subsidiaries of the Registrant [Abstract]

Schedule of subsidiaries of the entity, by ownership percentage

As of June 30, 2012, the subsidiaries of the Company are as follows:

	Owned By LGL
M-tron Industries, Inc.		100.0	%
M-tron Industries, Ltd.		99.9	%
Piezo Technology, Inc.		100.0	%
Piezo Technology India Private Ltd.		99.0	%
Lynch Systems, Inc.		100.0	%

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Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events[Abstract]

Subsequent Events

L. Subsequent Event

On August 9, 2012, the Board of Directors granted a discretionary award of options to purchase a total of 40,000 shares of the Company's common stock to members of senior management.  The stock options vest over three years and have an exercise price of $10.00 per share.

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Foreign Revenues

6 Months Ended

Jun. 30, 2012

Foreign Revenues [Abstract]

Foreign Revenues

H. Foreign Revenues

For the three and six months ended June 30, 2012 and 2011, foreign revenues were derived from the following countries:

	Three Months Ended June 30,
		2012		2011
	(in thousands)
Foreign Revenues:
Malaysia	$	1,339	$	1,385
China		910		1,675
Thailand		403		420
All other foreign countries		1,285		1,652
Total foreign revenues	$	3,937	$	5,132

	Six Months Ended June 30,
		2012		2011
	(in thousands)
Foreign Revenues:
Malaysia	$	2,418	$	2,998
China		1,844		2,952
Thailand		762		714
All other foreign countries		2,235		3,315
Total foreign revenues	$	7,259	$	9,979

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Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

F. Earnings (Loss) Per Share

The Company computes earnings (loss) per share in accordance ASC 260, Earnings Per Share ("ASC 260").  Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the effects of stock options, non-participating restricted common stock, and other potentially dilutive financial instruments, only in the periods in which the effects are dilutive.  Shares of restricted stock granted to members of the Board of Directors as a portion of their director fees are deemed to be participating as defined by ASC 260 and therefore are included in the computation of basic earnings (loss) per share.

For the three and six months ended June 30, 2012, there were options to purchase 90,000 shares of common stock that were excluded from the diluted earnings (loss) per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive, based on the fact that their exercise price exceeded the market price of the common stock as of June 30, 2012.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

G. Fair Value Measurements

The Company measures financial and non-financial assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures.  These measurements involve various valuation techniques and assume that the transactions would occur between market participants in the most advantageous market for the Company.  The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of June 30, 2012 and December 31, 2011:

Assets

To estimate the fair value of its marketable securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities. Assets measured at fair value on a recurring basis are summarized below.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		June 30, 2012
	(in thousands)
Equity securities	$	43	$	--	$	--	$	43
U.S. Treasury securities	$	6,838	$	--	$	--	$	6,838

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2011
	(in thousands)
Equity securities	$	40	$	--	$	--	$	40
U.S. Treasury securities	$	10,087	$	--	$	--	$	10,087

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

I. Commitments and Contingencies

In the normal course of business, the Company and its subsidiaries may become defendants in certain product liability, worker claims and other litigation.  The Company and its subsidiaries have no litigation pending at this time.

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Stockholders' Equity (Details) (USD $)	0 Months Ended	6 Months Ended
	Feb. 04, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Jun. 30, 2012 Common stock [Member]	Aug. 29, 2011 Common stock [Member]
Equity, Class of Treasury Stock [Line Items]
Maximum number of common shares authorized to be repurchased (in shares)		540,000
Increased number of common stock to be repurchase (in shares)						100,000
Treasury stock, shares		35,454		35,454	35,454
Repurchased common stock, value		$ 315,000		$ 315,000
Public offering [Abstract]
Common Stock, Shares, Issued	350,000
Sale of stock, per share amount	$ 20.00
Over allotment option shares issued	45,652
Proceeds from Issuance of Common Stock	$ 6,404,000	$ 0	$ 6,562,000

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Earnings Per Share (Policies)

6 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Share [Abstract]

Earnings per share accounting policy

The Company computes earnings (loss) per share in accordance ASC 260, Earnings Per Share ("ASC 260").  Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the effects of stock options, non-participating restricted common stock, and other potentially dilutive financial instruments, only in the periods in which the effects are dilutive.  Shares of restricted stock granted to members of the Board of Directors as a portion of their director fees are deemed to be participating as defined by ASC 260 and therefore are included in the computation of basic earnings (loss) per share.

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Foreign Revenues (Tables)

6 Months Ended

Jun. 30, 2012

Foreign Revenues [Abstract]

Schedule of foreign revenues

For the three and six months ended June 30, 2012 and 2011, foreign revenues were derived from the following countries:

	Three Months Ended June 30,
		2012		2011
	(in thousands)
Foreign Revenues:
Malaysia	$	1,339	$	1,385
China		910		1,675
Thailand		403		420
All other foreign countries		1,285		1,652
Total foreign revenues	$	3,937	$	5,132

	Six Months Ended June 30,
		2012		2011
	(in thousands)
Foreign Revenues:
Malaysia	$	2,418	$	2,998
China		1,844		2,952
Thailand		762		714
All other foreign countries		2,235		3,315
Total foreign revenues	$	7,259	$	9,979

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited [Abstract]
NET INCOME (LOSS)	$ (215)	$ 346	$ (808)	$ 587
Other comprehensive income:
Unrealized gain (loss) on available-for-sale securities	0	(4)	3	14
Deferred gain on swap liability on hedge contracts	0	42	0	47
COMPREHENSIVE INCOME (LOSS)	$ (215)	$ 384	$ (805)	$ 648

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Inventories

6 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Inventories

C. Inventories

Inventories are stated at the lower of cost or market value.  The Company reduces the value of its inventories to market value when the value is believed to be less than the cost of the item.

	June 30, 2012		December 31, 2011
	(in thousands)
Raw materials, net	$	2,887	$	2,864
Work in process, net		1,666		1,384
Finished goods, net		1,355		1,428
Total Inventories, net	$	5,908	$	5,676

The inventory reserve for obsolescence as of June 30, 2012 and December 31, 2011, was $2,091,000 and $1,942,000, respectively.

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Subsidiaries of the Registrant (Details)	6 Months Ended
	Jun. 30, 2012
M-tron Industries, Inc. [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	100.00%
M-tron Industries, Ltd. [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	99.90%
Piezo Technology, Inc. [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	100.00%
Piezo Technology India Private Ltd. [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	99.00%
Lynch Systems, Inc. [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	100.00%

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Stock Based Compensation (Policies)

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock-based compensation policy

E. Stock-Based Compensation

The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. Historical Company information was the primary basis for the expected volatility assumption. The fair value of grants was calculated using historical volatility as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. Accounting Standards Codification ("ASC") 718, Stock Compensation, also requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based on past history of actual performance, a zero forfeiture rate has been assumed.

On February 29, 2012, the Board of Directors granted a total of 7,132 restricted shares to 14 employees of the Company under the 2011 Incentive Plan with a grant date fair value of $8.44 per share, 3,733 of which were granted to executive officers. These shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.

On March 14, 2011, the Board of Directors granted options to purchase a total of 90,000 shares of the Company's common stock to members of senior management and the Company's Chairman of the Board. These stock options have an exercise price of $22.50 and vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.  These stock options expire on March 14, 2016.

Restricted stock awards are granted at a value equal to the market price of our common stock on the date of the grant. On December 15, 2010, the Board of Directors granted a total of 12,647 restricted shares to 14 employees of the Company. These shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.

As of June 30, 2012, there was approximately $724,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.  There were 15,986 unvested restricted shares, and 63,000 unvested stock options at June 30, 2012.