Stock Based Compensation:

6 Months Ended

Jun. 30, 2011

Stock Based Compensation: [Abstract]

Stock Based Compensation:

Stock Based Compensation:

The Company’s Stock Option Plan (the “Plan”), permitted the grant of share options to its directors, officers and employees. Under the terms of the Plan no additional shares can be issued. Option awards were granted with an exercise price equal to the market price of the Company’s common shares at the date of grant, with a vesting period of 5 years and have 10-year contractual terms. At June 30, 2011 there were 28,500 outstanding options of which 25,500 were fully vested and are exercisable.

The fair value of each option award is estimated on the date of grant using a Black-Scholes model. Total compensation cost charged against income for the stock option plan for the six month period ended June 30, 2011 was not material. No related income tax benefit was recorded.