Quarterly report pursuant to sections 13 or 15(d)

Stock Plans and Non-Qualified Option Agreement

v2.4.0.8
Stock Plans and Non-Qualified Option Agreement
 9 Months Ended
Sep. 30, 2013
Stock Plans and Non-Qualified Option Agreement [Abstract]  
Stock Plans and Non-Qualified Option Agreement
4.
Stock Plans and Non-Qualified Option Agreement

The summary of the Company’s total Stock Plans and a Non-Qualified Stock Option Agreement (which was forfeited during the second quarter of 2013) as of September 30, 2013, as compared to September 30, 2012, and changes during the periods then ended, are presented below.  Pursuant to the reverse stock split effective October 15, 2013, the number of shares and exercise prices for all options for the periods presented below have been restated to reflect the reverse stock split.  The current year Company’s Plans consist of the 2004 and 2010 Stock Option Plans, and the 2003 Outside Directors Stock Plans:

 
  
   
Weighted Average
    
Weighted Average
    
 
 
  
   
Exercise
    
Remaining
    
Intrinsic
  
 
  
Shares
    
Price
    
Contractual Term
    
Value
  
Options outstanding Janury 1, 2013
    
528,800
    
$
9.82
    
   
 
Granted
    
18,000
      
2.79
    
   
 
Exercised
  
─
    
─
    
   
$
─
  
Forfeited
    
(156,000
)
    
8.28
    
   
 
Options outstanding End of Period (1)
   
390,800
      
9.66
      
3.2
    
$
15,900
  
Options Exercisable at September 30, 2013(1)
   
352,800
    
$
10.11
      
2.9
    
$
─
  
Options Vested and expected to be vested at September 30, 2013
    
390,800
    
$
9.66
      
3.2
    
$
15,900
  
 
                                
 
                  
Weighted Average
    
Aggregate
  
 
          
Weighted Average
    
Remaining
    
Intrinsic
  
 
  
Shares
    
Exercise Price
    
Contractual Term
    
Value
  
Options outstanding Janury 1, 2012
    
607,967
    
$
9.89
                  
Granted
    
12,000
      
5.50
                  
Exercised
  
─
    
─
            
$
─
  
Forfeited
    
(85,067
)
    
9.52
                  
Options outstanding End of Period (1)
   
534,900
      
9.85
      
3.7
    
$
─
  
Options Exercisable at September 30, 2012(2)
   
432,900
    
$
10.52
      
2.8
    
$
─
  
Options Vested and expected to be vested at September 30, 2012
    
534,900
    
$
9.85
      
3.7
    
$
─
  

(1)
Options with exercise prices ranging from $5.50 to $14.75
(2)
Options with exercise prices ranging from $7.05 to $14.75