Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

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

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

2.	Stock-Based Compensation
	The 2003 Stock Incentive Plan was approved by stockholders on May 13, 2003, which authorized up to 183,600 shares of common stock to be used in the granting of incentive options to employees and directors. On April 24, 2007, the stockholders approved an additional 250,000 shares of common stock to be used in the granting of incentive options to employees and directors. This is the first and only stock incentive plan adopted by the company. Under the plan, the option price cannot be less than the fair market value of the stock on the date granted. An option’s maximum term is ten years from the date of grant. Employee options granted under the plan are subject to a five year vesting schedule. Director options immediately vest.
	Incremental stock-based compensation expense recognized for the three month periods ending March 31, 2012 and 2011 was $1 thousand and $4 thousand, respectively.
	Stock option compensation expense is the estimated fair value of options granted amortized on a straight-line basis over the requisite service period for each separately vesting portion of the award. Fair value is estimated using the Black-Scholes option-pricing model. There were no options granted during the first quarter of 2012 and 2011.
	Stock option plan activity for the three months ended March 31, 2012 is summarized below:

					Weighted
					Average
			Weighted		Remaining
			Average		Contractual	Aggregate
			Exercise		Life	Intrinsic
	Shares		Price		(in years)	Value
Options outstanding, January 1, 2012	119 908		$	14.76
Granted	- -			- -
Exercised	- -			- -
Canceled or expired	(8 180	)		14.54
Options outstanding, March 31, 2012	111 728			14.77	3	$	- -
Options exercisable, March 31, 2012	111 728			14.77	3	$	- -

The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2012. The aggregate intrinsic values change based on changes in the market value of the company’s stock.

As of March 31, 2012 there was $0 of total unrecognized compensation expense related to nonvested stock options.