Drupal 7: Restrict available options for View Mode field when creating new for Bean instances

MODULE.module.php

<?php
/**
 * @file
 */

/**
 * Implements hook_form_FORM_ID_alter().
 * 
 * Retrieves the view mode information for the Bean type and makes available
 * as an option only those view modes which apply to this Bean by having
 * custom settings. This ensures the view mode form element is not populated
 * with irrelevant view modes that do not necessarily apply to this bean.
 */
function MODULE_form_bean_form_alter(&$form, &$form_state) {
  $options = array();
  $bean_info = $form['#entity']->entityInfo();
  $view_mode_settings = field_view_mode_settings('bean', $form['#entity']->type);
  foreach ($view_mode_settings as $view_mode => $settings) {
    if ($settings['custom_settings'] && isset($bean_info['view modes'][$view_mode])) {
      $options[$view_mode] = $bean_info['view modes'][$view_mode]['label'];
    }
  }
  $form['view_mode']['#options'] = $options;
}

Just what I needed. Thanks!