Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Stock-Based Compensation

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Note 3 - Stock-Based Compensation
 6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
3.     STOCK-BASED COMPENSATION

Stock-based compensation expense totaled approximately $21,000 and $20,000 for the three months ended June 30, 2011 and 2012, respectively, and approximately $35,000 and $40,000 for the six months ended June 30, 2011 and 2012, respectively.  No tax benefits were attributed to the share-based compensation because a valuation allowance was maintained for substantially all net deferred tax assets.

The following table summarizes the Company’s restricted stock activity:

   
 
 
Shares
   
Wtd. Avg.
Price at
 Date of
Issuance
 
       
Outstanding at December 31, 2011
    473,688     $ 0.37  
Granted
    –       –  
Vested
    (108,694 )     0.36  
Forfeited
    –       –  
Outstanding at June 30, 2012
    364,994       0.37  

As of June 30, 2012, total unrecognized stock-based compensation expense related to non-vested restricted stock was approximately $140,000, which is expected to be recognized over a weighted-average period of 1.7 years.