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Stock Compensation
 12 Months Ended
Dec. 31, 2011
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

14. Stock Compensation

 

In 2005, shareholders approved the adoption of the Company’s 2005 Restricted Stock Plan (the “2005 Plan”). The 2005 Plan provides that a total of 115,000 shares of the Company’s Class B common stock may be issued to employees, directors and consultants of the Company, to provide incentive compensation. The 2005 Plan is administered by the Compensation and Pension Committees of the Company’s Board of Directors, which have the authority, among other things, to determine the terms and conditions of any award under the 2005 Plan (including the vesting schedule applicable to the award, if any). The Board of Directors may at any time amend, suspend or terminate the 2005 Plan. The 2005 Plan will terminate on June 15, 2015, unless terminated earlier by the Board of Directors.

  

In 2011 and 2010, stock granted to directors was fully vested upon the grant date. Stock granted to officers and employees are vesting at a rate of 20% per year. Notwithstanding the vesting schedule, the officers and employees are entitled to receive all distributions, if any, on the total number of shares granted. Shares granted under the 2005 Plan are issued at market value on the date of the grant.

 

In connection with the Strategic Transaction, the former treasurer’s employment agreement was amended to provide for termination as of the closing of the Transactions, and in addition, 1,300 shares of restricted Class B Stock that were granted to her and that were not yet vested were deemed vested by the Company’s Board of Directors.

 

The following is a summary of the Company’s activity for the 2005 Plan in 2011 and 2010:

 

Date of Issuance   Shares Issued     Value at Date of Grant     Vested Shares     Common  Unvested Shares     Stock - Par Value $.10 Per Share     Additional Paid-In Capital     Directors' Fees  
                                           
Activity for 2010                                          
Unvested shares as of                                          
December 31, 2009     10,800               8,500       2,300     $ -     $ 45,365     $ -  
                                                         
Shares issued in 2010                                                        
March 2010     3,000       0.67       3,000       -       300       1,710       2,010  
                                                         
      13,800               11,500       2,300       300       47,075       2,010  
Activity for 2011                                                        
Unvested shares as of                                                        
December 31, 2010     2,300               2,300       -       -       12,065     $ -  
                                                         
Share issued in 2011     3,000       1.63       3,000       -       300       4,590       4,890  
                                                         
      5,300               5,300     $ -     $ 300     $ 16,655     $ 4,890