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Stock-Based Compensation
3 Months Ended
Mar. 31, 2012
Stock-Based Compensation

Note 4 – Stock-Based Compensation:

 

Options to buy stock are granted to directors, officers and employees under the Company’s stock option and incentive plan (the “Plan”), which provides for the issuance of up to 1,200,000 shares. The specific terms of each option agreement are determined by the Compensation Committee at the date of the grant. For current options outstanding, options granted to directors vest immediately and options granted to employees generally vest evenly over a five-year period.

 

The Company recorded stock option expense of $24,000, with no tax effect in the first quarter of 2012 and $51,000, with no tax effect in the first quarter of 2011.