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Note 5 - Stock Options
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May 20, 2012
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| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE
5 - STOCK OPTIONS
On
April 2, 1999, the Board of Directors of the Company approved
a Stock Option Plan for Executives and Managers. Under the
plan 145,500 shares were reserved for the grant of
options. The Stock Option Plan for
Executives and Managers provides for grants to eligible
participants of nonqualified stock options
only. The exercise price for any option
awarded under the Plan is required to be not less than 100%
of the fair market value of the shares on the date that the
option is granted. Options are granted by the
Stock Option Committee of the Company. Options for
145,150 shares were granted to executives and managers of the
Company on April 2, 1999 at an exercise price of $4.125, all
of which have either expired or been
exercised. Options for 350 common shares were
granted on November 6, 2008 at the closing price on that day
of $1.50 per share all of which are currently
outstanding. The options vested in six months and
expire ten years after date of issue.
At
the Company’s annual meeting on June 25, 1999 the
shareholders approved the Key Employees Stock Option Plan.
This plan allows the granting of options covering 291,000
shares of stock and has essentially the same provisions as
the Stock Option Plan for Executives and Managers which was
discussed above. Options for 129,850 shares were
granted to executives and managers of the Company on January
7, 2000 at an exercise price of $3.00. Options for
11,500 shares were granted to executives on April 27, 2001 at
an exercise price of $.85, all of which have either expired
or been exercised. Options for 149,650 common
shares were granted on November 6, 2008 at the closing price
on that day of $1.50 per share of which 146,650 are currently
outstanding. The options vested in six months and
expire ten years after date of issue.
As
of May 20, 2012, a total of 147,000 options were outstanding,
fully vested and exercisable at a weighted average exercise
price of $1.50 per share. No options are available
for grant and no options were granted during the current year
period. The Company recorded no compensation expense during
the current year period.
The
following table summarizes information about
stock options outstanding at May 20,
2012:
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MORGANS FOODS INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - July 5, 2012
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