STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

STOCK-BASED COMPENSATION PLANS

4. STOCK-BASED COMPENSATION PLANS

In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. Options vest ratably over a two to four-year period beginning on the grant date and expire ten years from the date of grant.  Shares available for granting options at December 31, 2012, 2011 and 2010 were 600,000.

A summary of the activity of stock options for the years ended December 31, 2012, 2011 and 2010, is presented below (shares in thousands):

	2012				2011					2010
	Shares Under Option		Weighted Average Exercise Price		Shares Under Option			Weighted Average Exercise Price		Shares Under Option			Weighted Average Exercise Price
Outstanding at Beginning of Period		360	$	5.71		831		$	5.82		905		$	5.83
Granted		--		--		--			--		--			--
Exercised		(154)		5.54		(468	)		5.91		(74	)		5.99
Forfeited and cancelled		--		--		(3	)		5.49		--			--
Outstanding at End of Period		206	$	5.83		360		$	5.71		831		$	5.82
Options exercisable at year end		206	$	5.83		161		$	5.98		430		$	6.13

A summary of options outstanding under the Company’s stock-based compensation plans at December 31, 2012 is presented below:

Exercise Price			Shares Under Option		Weighted Average Exercise Price of Options Outstanding		Weighted Average Remaining Life		Options Exercisable		Weighted Average Exercise Price of Shares Exercisable
	$	5.49		180,886	$	5.49		5.8		180,886	$	5.49
		8.31		25,125		8.31		1.2		25,125		8.31
Total				206,011	$	5.83		5.3		206,011	$	5.83