SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

Material subsequent events have been evaluated and are disclosed in the consolidated financial statements through the date these consolidated financial statements were issued.

On July 5, 2011, the Compensation Committee of the Board of Directors awarded 65,000 shares of restricted stock grants to five participants under the Company’s 2003 Stock Option and Stock Award Plan. Additionally, restricted stock grants of 1,000 shares were granted to each of the nine directors of the Company. The fair value of stock awards is equal to the fair value of the Company’s stock on the grant date. The grant date fair value of restricted stock grants awarded to participants in 2011 was approximately $826,000. In accordance with ASC Topic 718, the Company recognizes compensation expense for restricted stock awards upon the explicit vesting period stated in the individual award agreements, which for fiscal 2011 had an average term of five years. The Compensation Committee also awarded stock options to purchase 80,000 shares to twelve participants.