| Capital Stock and Stock Plans |
6. | Capital Stock and Stock Plans |
During the first quarter of 2012, we issued 32,881 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 paid each of our outside directors $6,500 in fees quarterly for serving as a member of our Board of Directors. The Audit Committee Chairman receives an additional quarterly fee of $5,500 due to the position's additional responsibility. In addition, our Research and Development Committee Chairman receives an additional quarterly fee of $1,000 due to the additional time commitment to the position. Each board member is also 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. The number of shares received is calculated 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 Stock Plans as of March 31, 2012 as compared to March 31, 2011, and changes during the periods then ended, are presented below. 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 Directors Stock Plans:
| | | Shares | | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Term | | | Aggregate Intrinsic Value | | Options outstanding Janury 1, 2012 | | | 2,789,833 | | | $ | 2.03 | | | | | | | | Granted | | ─ | | | ─ | | | | | | | | Exercised | | ─ | | | ─ | | | | | | $ | ─ | | Forfeited | | | (422,833 | ) | | | 1.90 | | | | | | | | Options outstanding End of Period (1) | | | 2,367,000 | | | | 2.06 | | | | 3.5 | | | $ | 47,100 | | Options Exercisable at March 31, 2012(1) | | | 2,067,000 | | | $ | 2.13 | | | | 3.2 | | | $ | 41,100 | | Options Vested and expected to be vested at March 31, 2012 | | | 2,367,000 | | | $ | 2.06 | | | | 3.5 | | | $ | 47,100 | |
| | | 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 | | | (3,359 | ) | | | 2.19 | | | | | | | | | | Options outstanding End of Period (2) | | | 2,752,166 | | | | 2.09 | | | | 3.1 | | | $ | 12,900 | | Options Exercisable at March 31, 2011 (2) | | | 2,440,333 | | | $ | 2.08 | | | | 3.0 | | | $ | 9,300 | | Options Vested and expected to be vested at March 31, 2011 | | | 2,736,134 | | | $ | 2.09 | | | | 3.1 | | | $ | 12,900 | |
(1) | Options with exercise prices ranging from $1.41 to $2.95 |
(2) | Options with exercise prices ranging from $1.42 to $2.98 |
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