Stock Plans and Non-Qualified Option Agreement

9 Months Ended

Sep. 30, 2013

Stock Plans and Non-Qualified Option Agreement [Abstract]

Stock Plans and Non-Qualified Option Agreement

4. Stock Plans and Non-Qualified Option Agreement

The summary of the Company’s total Stock Plans and a Non-Qualified Stock Option Agreement (which was forfeited during the second quarter of 2013) as of September 30, 2013, as compared to September 30, 2012, and changes during the periods then ended, are presented below.  Pursuant to the reverse stock split effective October 15, 2013, the number of shares and exercise prices for all options for the periods presented below have been restated to reflect the reverse stock split.  The current year Company’s Plans consist of the 2004 and 2010 Stock Option Plans, and the 2003 Outside Directors Stock Plans:

				Weighted Average		Weighted Average
				Exercise		Remaining		Intrinsic
	Shares			Price		Contractual Term		Value
Options outstanding Janury 1, 2013		528,800		$	9.82
Granted		18,000			2.79
Exercised	─			─				$	─
Forfeited		(156,000	)		8.28
Options outstanding End of Period (1)		390,800			9.66		3.2	$	15,900
Options Exercisable at September 30, 2013(1)		352,800		$	10.11		2.9	$	─
Options Vested and expected to be vested at September 30, 2013		390,800		$	9.66		3.2	$	15,900
						Weighted Average		Aggregate
				Weighted Average		Remaining		Intrinsic
	Shares			Exercise Price		Contractual Term		Value
Options outstanding Janury 1, 2012		607,967		$	9.89
Granted		12,000			5.50
Exercised	─			─				$	─
Forfeited		(85,067	)		9.52
Options outstanding End of Period (1)		534,900			9.85		3.7	$	─
Options Exercisable at September 30, 2012(2)		432,900		$	10.52		2.8	$	─
Options Vested and expected to be vested at September 30, 2012		534,900		$	9.85		3.7	$	─

⁽¹⁾ Options with exercise prices ranging from $5.50 to $14.75

⁽²⁾ Options with exercise prices ranging from $7.05 to $14.75