Stock Plan

12 Months Ended

Dec. 31, 2011

Stock Plan [Abstract]

Stock Plan

9. Stock Plan

1993 Omnibus Stock Plan

Under its 1993 Omnibus Stock Plan, as amended (the “Omnibus Plan”), the Company reserved up to 3,000,000 shares of its common stock for issuance pursuant to the grant of incentive stock options, nonqualified stock options, or restricted stock. The Omnibus Plan is administered by the Compensation Committee of the Board of Directors. Subject to the provisions of the Omnibus Plan, the Compensation Committee had the authority to select the optionees or restricted stock recipients and determine the terms of the options or restricted stock granted, including: (i) the number of shares; (ii) the exercise period (which may not exceed ten years); (iii) the exercise or purchase price (which in the case of an incentive stock option cannot be less than the market price of the common stock on the date of grant); (iv) the type and duration of options or restrictions, limitations on transfer, and other restrictions; and (v) the time, manner, and form of payment.

Generally, an option is not transferable by the option holder except by will or by the laws of descent and distribution. Also, generally, no incentive stock option may be exercised more than 60 days following termination of employment. However, in the event that termination is due to death or disability, the option is exercisable for a maximum of 180 days after such termination.

Options granted under this plan generally become exercisable in three equal installments commencing on the first anniversary of the date of grant. Options granted during 2003 became exercisable in two equal installments commencing on the first anniversary of the date of grant. As the Omnibus Plan terminated in May 2003 except as to options outstanding at that time, no further options were granted under the plan.

The following summarizes the status of the Company’s incentive stock options as of December 31, 2011 and 2010 and changes for the years then ended:

		Shares			Shares		Shares			Shares
	2011					2010
	Shares			Weighted Exercise Price		Shares			Weighted Exercise Price
Outstanding at the beginning of year		60,000			$0.26		65,000			$0.92
Granted		—			—		—			—
Exercised		—			—		—			—
Expired/Forfeited		(5,000	)		2.00		(5,000	)		8.81
Outstanding at end of year		55,000			0.10		60,000			0.26
Options exercisable at year-end		55,000			0.10		60,000			0.26
Options available for future grant		—					—
Weighted average fair value of options granted during the year		Not applicable					Not applicable

The following table summarizes information about stock options outstanding at December 31, 2011:

				Options Outstanding and Exercisable
Range of Exercise Prices				Number Outstanding and Exercisable		Weighted Average Remaining Contractual Life		Weighted Average Price		Aggregate Intrinsic Value
$0.01	-	$	0.10		55,000		1.35	$	0.10	$	2,200

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $0.12 on December 30, 2011, as the stock market was closed on December 31, 2011.