Stock Based Compensation

3 Months Ended

Mar. 31, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 3. Stock Based Compensation

The Company follows FASB ASC 718, Compensation – Stock Compensation, and uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award.

At March 31, 2012, the Company had exercisable options, granted under a stock option plan that terminated in 2009, to purchase 645,000 shares of the Company’s common stock outstanding. No further stock options can be granted under the plan; however, stock options granted before the termination date may be exercised through their expiration dates. There was no unrecognized portion of expense related to stock option grants at March 31, 2012. There were no stock options granted, exercised or cancelled during the three months ended March 31, 2012.

The following table summarizes the Company’s stock option plan at March 31, 2012 and December 31, 2011:

	Number of Shares		Exercise Price		Weighted Average Exercise Price
Outstanding options – December 31, 2011		645,000	$	.12 and $.45	$	.32
Outstanding options – March 31, 2012		645,000	$	.12 and $.45	$	.32
Weighted average remaining contractual life (years)		1.39
Exercisable options – March 31, 2012		645,000	$	.12 and $.45	$	.32