Stock Based Compensation

3 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

(Note 3) - Stock Based Compensation:

At March 31, 2012, the Company has two stock-based employee compensation plans. At March 31, 2012, approximately 65,000 shares of common stock were reserved for future issuance of stock options, restricted stock and stock appreciation rights. These plans provide for the granting of nonqualified and incentive stock options as well as restricted stock awards and stock appreciation rights to officers, employees and other key persons. The terms and vesting schedules of stock-based awards vary by type of grant and generally the awards vest based upon time-based conditions. Share-based compensation expense was $52,000 and $40,000 for the three months ended March 31, 2012 and 2011, respectively.

The Company's stock-based employee compensation plans allow for the issuance of restricted stock awards that may not be sold or otherwise transferred until certain restrictions have lapsed. The unearned stock-based compensation related to restricted stock granted is being amortized to compensation expense over the vesting period, which ranges from two to ten years. The share based expense for these awards was determined based on the market price of the Company's stock at the date of grant applied to the total number of shares that were anticipated to vest. As of March 31, 2012, the Company had unearned compensation of $240,000 associated with all of the Company's restricted stock awards, which will be expensed over approximately the next three years.

Stock option activity during the three months ended March 31, 2012, under all stock option plans is as follows:

	Number of Shares		Weighted Average Exercise Price		Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2012		250,000	$	4.03		2
Granted		-		-		-
Forfeited		-		-		-
Exercised		-		-		-
Options outstanding, March 31, 2012		250,000	$	4.03		2
Outstanding exercisable at March 31, 2012		221,000	$	4.29		2

At March 31, 2012, the aggregate intrinsic value of options outstanding and exercisable was $213,000 and $145,000, respectively. At the comparable 2011 period, the aggregate intrinsic value of options outstanding and exercisable was $120,000 and $59,000, respectively.

The following table summarizes the Company's nonvested stock option activity for the three months ended March 31, 2012:

	Number of Shares		Weighted-Average Grant-Date  Fair Value
Nonvested stock options at January 1, 2012		43,000	$	1.02
Granted		-		-
Vested		14,000	$	1.02
Forfeited		-		-
Nonvested stock options at March 31, 2012		29,000	$	1.02

At March 31, 2012, there was approximately $5,000 of unearned compensation cost related to the above non-vested stock options. The cost is expected to be recognized over approximately the next two years.