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PLCC » Topics » NOTE 9 - STOCK-BASED COMPENSATION PLANS

This excerpt taken from the PLCC 10-K filed Mar 31, 2009.

NOTE 10—STOCK-BASED COMPENSATION PLANS

FACE="Times New Roman" SIZE="2">1999 Stock Option Plan

Our 1999 Stock Option Plan (the “Plan”) reserves 1.0 million shares of
our common stock for issuance upon exercise of options granted under the Plan. At December 31, 2008, 532,000 options were available for grant and reserved for issuance related to the Plan. The Plan provides for the grant of incentive
stock options and nonqualified stock options. Activity under the Plan in 2008 was as follows:

 











































































   Options
Outstanding		  Weighted
Average
SIZE="1">Exercise Price

Outstanding at December 31, 2007

  95,000  $4.20

Granted

  —     —  

Exercised

  —     —  

Expired

  (95,000)  4.20
     

Outstanding at December 31, 2008

  —     —  
     

As of December 31, 2008, there was no unrecognized stock-based compensation.

STYLE="margin-top:18px;margin-bottom:0px">Stock-Based Compensation

We estimate the fair value of stock
options using the Black-Scholes option pricing model. This valuation model takes into account the exercise price of the award, as well as a variety of significant assumptions. We believe that the valuation technique and the approach utilized to
develop the underlying assumptions are appropriate in calculating the fair values of our stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards.

Our options are fully vested upon the date of grant. Accordingly, we recognize the related stock-based compensation expense at that time. There were no
stock options granted during 2008 or 2007. Therefore, we did not have any stock-based compensation expense in either year. Shares to be issued upon the exercise of stock options will come from newly issued shares.

STYLE="margin-top:12px;margin-bottom:0px">Certain information regarding our stock-based compensation plan was as follows (in thousands):

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 














































   Year Ended December 31,
   2008  2007

Total intrinsic value of share options exercised

  $—    $30

Cash received from options exercised

   —     77

Tax deduction realized related to stock options exercised

   —     30
This excerpt taken from the PLCC 10-K filed Mar 31, 2008.

NOTE 9 - STOCK-BASED COMPENSATION PLANS

FACE="Times New Roman" SIZE="2">1999 Stock Option Plan

Our 1999 Stock Option Plan (the “Plan”) reserves 1.0 million shares of
our common stock for issuance upon exercise of options granted under the Plan. At December 31, 2007, 532,000 options were available for grant and 627,000 shares of our common stock were reserved for issuance related to the Plan. The
Plan provides for the grant of incentive stock options and nonqualified stock options. Activity under the Plan in 2007 was as follows:

 











































































   Options
Outstanding		  Weighted
Average
Exercise Price

Outstanding at December 31, 2006

  161,000  $3.93

Granted

  —     —  

Exercised

  (22,000)  3.51

Expired

  (44,000)  3.55
       

Outstanding at December 31, 2007

  95,000  $4.20
       

Certain information regarding options outstanding and exercisable as of December 31, 2007 was as follows:

 

































   Options
Outstanding and
Exercisable

Number

   95,000

Weighted average per share exercise price

  $4.20

Aggregate intrinsic value

  $57,075

Weighted average remaining contractual term

   0.9 years

As of December 31, 2007, there was no unrecognized stock-based compensation.

STYLE="margin-top:18px;margin-bottom:0px">Stock-Based Compensation

We estimate the fair value of stock
options using the Black-Scholes option pricing model. This valuation model takes into account the exercise price of the award, as well as a variety of significant assumptions. We believe that the valuation technique and the approach utilized to
develop the underlying assumptions are appropriate in calculating the fair values of our stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards.
There were no stock options granted during 2007 or 2006.

Since our options are fully vested upon the date of grant, we recognize the related stock-based
compensation expense at that time. Shares to be issued upon the exercise of stock options will come from newly issued shares.

Certain information
regarding our stock-based compensation plan was as follows (in thousands):

 






























































   Year Ended
December 31,
   2007  2006

Weighted average grant-date per share fair value of share options granted

  $—    $—  

Total intrinsic value of share options exercised

   30   75

Stock-based compensation recognized in results of operations

   —     —  

Cash received from options exercised

   77   82

Tax deduction realized related to stock options exercised

   30   75

 


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EXCERPTS ON THIS PAGE:

10-K
Mar 31, 2009
10-K
Mar 31, 2008

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