Custom 'Sort by' drop-down menu options Lowest price, Higest price, Name A-Z, Name Z-A, Newest to Oldest & Oldest to Newest in magento

Edit "template/catalog/product/list/toolbar.phtml"
Original code:

<div class="sort-by">
            <label><?php echo $this->__('Sort By') ?></label>
            <select onchange="setLocation(this.value)">
            <?php foreach($this->getAvailableOrders() as $_key=>$_order): ?>
                <option value="<?php echo $this->getOrderUrl($_key, 'asc') ?>"<?php if($this->isOrderCurrent($_key)): ?> selected="selected"<?php endif; ?>>
                    <?php echo $this->__($_order) ?>
                </option>
            <?php endforeach; ?>
            </select>
            <?php if($this->getCurrentDirection() == 'desc'): ?>
                <a href="<?php echo $this->getOrderUrl(null, 'asc') ?>" title="<?php echo $this->__('Set Ascending Direction') ?>"><img src="<?php echo $this->getSkinUrl('images/i_desc_arrow.gif') ?>" alt="<?php echo $this->__('Set Ascending Direction') ?>" class="v-middle" /></a>
            <?php else: ?>
                <a href="<?php echo $this->getOrderUrl(null, 'desc') ?>" title="<?php echo $this->__('Set Descending Direction') ?>"><img src="<?php echo $this->getSkinUrl('images/i_asc_arrow.gif') ?>" alt="<?php echo $this->__('Set Descending Direction') ?>" class="v-middle" /></a>
            <?php endif; ?>
</div> 

Replace with:

<fieldset class="sort-by">
        <label><?php echo $this->__('Sort by') ?></label>
        <select onchange="setLocation(this.value)">
            <option value="<?php echo $this->getOrderUrl('position', 'asc') ?>"<?php if($this->isOrderCurrent('position') && $this->getCurrentDirection() == 'asc'): ?> selected="selected"<?php endif; ?>>
                Featured
            </option>
            <option value="<?php echo $this->getOrderUrl('price', 'asc') ?>"<?php if($this->isOrderCurrent('price') && $this->getCurrentDirection() == 'asc'): ?> selected="selected"<?php endif; ?>>
                Lowest Price
            </option>
            <option value="<?php echo $this->getOrderUrl('price', 'desc') ?>"<?php if($this->isOrderCurrent('price') && $this->getCurrentDirection() == 'desc'): ?> selected="selected"<?php endif; ?>>
                Highest Price
            </option>
            <option value="<?php echo $this->getOrderUrl('name', 'asc') ?>"<?php if($this->isOrderCurrent('name') && $this->getCurrentDirection() == 'asc'): ?> selected="selected"<?php endif; ?>>
                Name A-Z
            </option>
            <option value="<?php echo $this->getOrderUrl('name', 'desc') ?>"<?php if($this->isOrderCurrent('name') && $this->getCurrentDirection() == 'desc'): ?> selected="selected"<?php endif; ?>>
                Name Z-A
            </option>
            <option value="<?php echo $this->getOrderUrl('entity_id', 'desc') ?>"<?php if($this->isOrderCurrent('entity_id') && $this->getCurrentDirection() == 'desc'): ?> selected="selected"<?php endif; ?>>
                Newest to Oldest
            </option>
            <option value="<?php echo $this->getOrderUrl('entity_id', 'asc') ?>"<?php if($this->isOrderCurrent('entity_id') && $this->getCurrentDirection() == 'asc'): ?> selected="selected"<?php endif; ?>>
                Oldest to Newest
            </option>
        </select>
</fieldset>