Share Based Compenstation

9 Months Ended

Sep. 30, 2011

Compensation Related Costs, Share Based Payments

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Note 9 – Share-Based Compensation

The Company did not issue any stock options during the three and nine months ended September 30, 2011 and 2010.  There are no unrecognized compensation costs related to unvested stock options granted under the Company’s stock option plans.

The following table summarizes the activity of the Company's stock options for the nine months ended September 30, 2011:

	Options	Weighted Average Exercise Price ($)	Weighted Average Remaining Contractual Term (Yrs)	Aggregate Intrinsic Value ($)
Outstanding at beginning of year	12,500	4.81
Granted	-	-
Exercised	-	-
Terminated	-	-
Outstanding at end of period	12,500	4.81	2.5
Vested and expected to vest at end of period	12,500	4.81	2.5	-
Exercisable at end of period	12,500	4.81	2.5	-

On February 16, 2010, the Board granted Mr. Jean-Marc (J.M.) Allain, the Company’s new President and Chief Executive Officer, 50,000 shares of restricted Common Stock from treasury shares which vested 50% after one year and the remaining 50% will vest after two years.  The Company is recording stock compensation expense over the vesting period and recorded $18,000 of stock compensation expense for the nine months ended September 30, 2011.