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11.
Board of Directors Remuneration Policy
The Company provides outside directors with an annual retainer amount
in common stock equal to $15,000 per director. The issuance is in lieu
of a cash payment and occurs immediately following the annual meeting
of the stockholders. These shares are not registered and are restricted
for a twelve-month period.
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12.
Unearned Compensation
In September 2001, the Company issued 5,504 shares of restricted stock
to certain officers of the Company. The Company recorded the fair value
of the awards at the market price on the grant date. The value of the
awards was recorded as unearned compensation. The awards contained a cliff
vesting provision and therefore expense will be recognized on a straight-line
basis over the vesting period. The unearned compensation is classified
as a reduction to stockholder’s equity in the accompanying consolidated
balance sheet at September 30, 2001.
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