Stock Options

6 Months Ended

Jun. 30, 2012

Stock Options

Stock Options

Note 8 – Stock Options

The Company adopted a stock option plan in May 1996 under which the stock options may be issued at market prices to employees. The plan states that no grant or award shall be made under the plan more than ten years from the date of adoption of the plan and therefore the plan ended in 2006. Stock options were used to reward certain officers and provide them with an additional equity interest. Options were issued for 10 year periods and have varying vesting schedules. The exercise price of options granted is equivalent to the market value of underlying stock at the grant date. The Company has a policy of issuing new shares to satisfy option exercises. There were no modification of awards during the periods ended June 30, 2012 and 2011.

Due to the plan end date, there are no options available for grant as of June 30, 2012 and 2011.

Table of Contents

Information about options outstanding and options exercisable follows:

	Options Outstanding		Weighted  Average  Exercise  Price		Weighted  Average  Remaining  Contractual  Term		Aggregate  Intrinsic  Value
Balance at January 1, 2012		4,462	$	48.57
Options exercised		—		—
Options expired		—		—
Options forfeited		—		—
Balance at June 30, 2012		4,462	$	48.57		1.5 years	$	—
Exercisable at June 30, 2012		4,462	$	48.57

There were no options exercised during the six months ended June 30, 2012 and 2011 therefore the aggregate intrinsic value of options exercised was $0 for both periods. There were no shares vested for the same periods. Also, there was no cash received or tax benefits realized from option exercises during the same periods.