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STOCK BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2013
STOCK BASED COMPENSATION  
Schedule of assumptions used to estimate fair value of stock options and restricted shares granted to employees and directors

 

 

Risk free rate

 

2.16% - 1.40%

 

Expected life

 

5.7 — 7.8 years

 

Expected volatility

 

84% - 89%

 

Expected dividend yield

 

0.0%

 

Summary of stock options outstanding

 

 

 

 

Outstanding Options

 

 

 

Number of
Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term —in
years

 

Aggregate
Intrinsic
Value

 

Options outstanding at January 1, 2013

 

317,270

 

$

24.62

 

 

 

 

 

Granted

 

60,000

 

2.85

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

Canceled or forfeited

 

72,791

 

25.90

 

 

 

 

 

Options outstanding at June 30, 2013

 

304,479

 

$

20.02

 

4.31

 

$

 

Options exercisable at June 30, 2013

 

226,980

 

$

25.57

 

2.51

 

$

 

Schedule of stock options outstanding and currently exercisable

 

 

 

 

Options Outstanding

 

Options Exercisable

 

Stock Option Plan

 

Number of
Options
Outstanding

 

Weighted
Average
Remaining
Contractual
Life

 

Weighted
Average
Exercise
price

 

Number of
Options
Exercisable

 

Weighted
Average
Exercise
Price

 

 

 

 

 

(in years)

 

 

 

 

 

 

 

1995 Stock Incentive Plan

 

145,906

 

1.1

 

$

13.46

 

145,906

 

$

13.46

 

2004 Stock Incentive Plan

 

85,241

 

8.0

 

13.92

 

29,408

 

34.74

 

2004 Directors’ Plan

 

73,332

 

6.4

 

40.19

 

51,666

 

54.57

 

 

 

304,479

 

4.3

 

$

20.02

 

226,980

 

$

25.57