SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2011

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

7. SHAREHOLDERS’ EQUITY

The following table details the changes in shareholders equity for the nine months ended September 30, 2011:

	Common Stock			Paid-In			Accumulated
	Shares	Amount		Capital			Deficit			Treasury Stock
Balances, December 31, 2010	92,430,306	$	92,468	$	167,971,955		$	(135,378,138	)	$	(9,418	)
Net loss	—	—		—			(8,506,420		)	—
Stock compensation expense	—	—		737,300			—			—
Common stock issuance	—	—		(6,889		)	—			—
Common stock issued for option exercise	37,150	37		28,197			—			—
Restricted stock issuance	175,885	176		(176		)	—			—
Common stock issued for deferred compensation	885,021	885		696,142			—			—
Balances, September 30, 2011	93,528,362	$	93,566	$	169,426,529		$	(143,884,558	)	$	(9,418	)

See Note 5 — Stock Based Compensation, for further discussion of stock compensation expense and restricted stock issuance.