Note 5.  Share Based Compensation

In April 2003, the Company adopted the 2003 Option Plan.  Under the 2003 Option Plan, as amended on April 24, 2007, nonqualified options, incentive stock options, restricted stock and/or stock appreciation rights may be granted to employees and outside directors of the Company and its subsidiaries to purchase the Company's common stock at an exercise price to be determined by the Executive and Compensation committee.  Pursuant to the 2003 Option Plan, 570,000 shares of the Company's unissued common stock have been reserved and are available for issuance upon the exercise of options and rights granted under the 2003 Option Plan. The options have an exercise period of seven to ten years from the date of grant. There are 66,000 shares available to grant under this plan.

A summary of the status of the option plans as of September 30, 2012, and changes during the period ended on those dates is presented below:

 

 

Note 5.  Share Based Compensation (Continued)

Options outstanding at September 30, 2012 and December 31, 2011 were as follows:

 

There were no options exercised for the periods ended September 30, 2012 and 2011.  The compensation cost that has been charged against income for the stock options portion of the Option Plans was $0.01 million and $(0.005) million for the three months ended September 30, 2012 and 2011, and $0.02 million and $0.05 million for the nine months ended September 30, 2012 and 2011, respectively.

There were no stock options granted during the 2012 and 2011 periods. 

Unrecognized stock option compensation expense related to unvested awards (net of estimated forfeitures) for the remainder of 2012 and beyond is estimated as follows: