Quarterly report pursuant to sections 13 or 15(d)

Capital Stock, Stock Plans, and Warrants

v2.3.0.11
Capital Stock, Stock Plans, and Warrants
 3 Months Ended
Jun. 30, 2011
Capital Stock, Stock Plans, and Warrants [Abstract]  
Capital Stock, Stock Plans, and Warrants
4.
Capital Stock, Stock Plans, and Warrants
 

During the six months ended June 30, 2011, we issued 69,717 shares of our Common Stock under our 2003 Outside Directors Stock Plan to our outside directors as compensation for serving on our Board of Directors.  We pay each of our outside directors $2,167 monthly in fees for serving as a member of our Board of Directors.  The Audit Committee Chairman receives an additional monthly fee of $1,833 due to the position's additional responsibility.  In addition, each board member is paid $1,000 for each board meeting attendance as well as $500 for each telephonic conference call.  As a member of the Board of Directors, each director elects to receive either 65% or 100% of the director's fee in shares of our Common Stock based on 75% of the fair market value of our Common Stock determined on the business day immediately preceding the date that the quarterly fee is due.  The balance of each director's fee, if any, is payable in cash.

The summary of the Company's total Plans as of June 30, 2011 as compared to June 30, 2010, and changes during the periods then ended are presented as follows.  The Company's Plans consist of the 1993 Non-Qualified Stock Option plan, the 2004 and 2010 Stock Option Plans, and the 1992 and 2003 Outside Director Plans:

   
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining Contractual
Term
   
Aggregate
Intrinsic
Value
 
Options outstanding Janury 1, 2011
  2,755,525  $2.09        
Granted
 
─
  
─
        
Exercised
 
─
  
─
     $ 
─
 
Forfeited
  (288,692)  1.79        
Options outstanding End of Period (1)
  2,466,833   2.12   3.2  $ 
─
 
Options Exercisable at June 30, 2011 (1)
  2,155,000  $2.12   3.1  $ 
─
 
Options Vested and expected to be vested at June 30, 2011
  2,450,801  $2.12   3.2  $ 
─
 
                  
   
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining Contractual
Term
   
Aggregate
Intrinsic
Value
 
Options outstanding Janury 1, 2010
  3,109,525  $2.05         
Granted
 
─
  
─
         
Exercised
  (350,000)  1.70      $223,000 
Forfeited
  (55,000)  2.17         
Options outstanding End of Period (1)
  2,704,525   2.09   3.6  $28,450 
Options Exercisable at June 30, 2010 (1)
  2,080,858  $2.08   3.4  $13,250 
Options Vested and expected to be vested at June 30, 2010
  2,666,742  $2.09   3.6  $28,450 
 
(1) Options with exercise prices ranging from $1.42 to $2.98