Note 12 - Common Stock Options

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

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

12

. Common Stock Options

During

1997

, the Company’s Board of Directors approved a nonqualified stock option plan (the “Plan”), subsequently approved by the Company’s shareholders, that provided for the granting of stock options to key employees and officers of the Company. The Plan provided for the granting of options to purchase up to

450,000

shares of the Company’s common stock at a price equal to the fair value of the Company’s common stock on the date the option was granted. The options expired after

ten

years from the grant date and had to be held for a minimum of

one

year before they could be exercised. Forfeited options were available for the granting of additional stock options under the Plan.

Options forfeited from the initial grant in

1997

were used to grant options during

2000

and

2004.

Total options granted were

450,000,

54,000,

and

40,049

in the years

1997,

2000,

and

2004,

respectively. All unexercised options granted under the Plan expired during

2014

and the Company

no

longer grants options under the Plan

. There were

no

options exercised or granted in any year in the

three

-year periods ending

December 31, 2017,

nor were there any modifications or cash paid to settle stock option awards during those periods.