Subsequent Events

3 Months Ended

Mar. 31, 2012

13.	Subsequent Events

In the second quarter of 2012 certain option holders, including the independent directors, Chief Executive Officer and the Chief Operating Officer, elected to exercise 71,000 options, of which 2,500 were bought back by the Company resulting in 68,500 net shares issued out of treasury stock. Such transactions were properly reported on Form 4 with the Securities and Exchange Commission. An expected tax benefit to the Company of approximately $151,000 associated with these transactions will reduce taxes payable and will be credited directly to capital in excess of par value.

On May 14, 2012 the Company announced that its Board of Directors declared a $0.15 per share cash dividend. The dividend will be paid on July 2, 2012 to shareholders of record on June 1, 2012 and will be approximately $355,000 in the aggregate. These dividends do not represent that the Company will pay dividends on a regular or scheduled basis.