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STOCK BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2013
STOCK BASED COMPENSATION |
Schedule of assumptions used to estimate fair value of stock options granted to employees and directors | The fair value of stock options granted to employees and directors was estimated on the dates of the grants using the Black-Sholes option pricing model with the following assumptions used for the grants made during 2013:
Risk free rate |  | 1.40% - 2.63%
Expected life |  | 5.7 - 7.8 years
Expected volatility |  | 84% - 111%
Expected dividend yield |  | 0.0%
Summary of stock options outstanding and changes during the period |
|  | Outstanding Options |
--- | --- | --- | ---
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Options outstanding at January 1, 2013 |  |  | 317,270 |  | $ | 24.62 |  |  |  |  |  |  |
Granted |  |  | 65,000 |  |  | 2.86 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | — |  |  |  |  |  |  |
Canceled or forfeited |  |  | (72,791 | ) |  | 25.90 |  |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options outstanding at December 31, 2013 |  |  | 309,479 |  | $ | 19.75 |  |  | 3.91 |  | $ | 16,700 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options exercisable at December 31, 2013 |  |  | 226,980 |  | $ | 25.57 |  |  | 2.01 |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of stock options outstanding and currently exercisable | Stock options outstanding and currently exercisable at December 31, 2013 are as follows:
|  | Outstanding Options |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
|  | Options Exercisable |
|  |  |  | Weighted Average Remaining Contractual Life (in years) |  |  |
Stock Option Plan |  | Number of Options Outstanding |  | Weighted Average Exercise Price |  | Number of Options Exercisable |  | Weighted Average Exercise Price |
1995 Stock Incentive Plan |  |  | 145,906 |  |  | 0.6 |  | $ | 13.46 |  |  | 145,906 |  | $ | 13.46 |
2004 Stock Incentive Plan |  |  | 85,241 |  |  | 7.5 |  |  | 13.92 |  |  | 29,408 |  |  | 34.74 |
2004 Director's Plan |  |  | 78,332 |  |  | 6.1 |  |  | 37.81 |  |  | 51,666 |  |  | 54.57 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 309,479 |  |  | 3.9 |  | $ | 19.75 |  |  | 226,980 |  | $ | 25.57 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of the status of non-vested restricted shares |
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |
--- | --- | --- | --- | --- | ---
Non-vested at December 31, 2011 |  |  | 33,315 |  | $ | 12.00 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted |  |  | 40,727 |  | $ | 7.44 |
Vested |  |  | (33,172 | ) | $ | 10.10 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-vested at December 31, 2012 |  |  | 40,870 |  | $ | 9.10 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted |  |  | 330,000 |  | $ | 3.22 |
Forfeited |  |  | (4,220 | ) | $ | 12.74 |
Vested |  |  | (32,499 | ) | $ | 4.85 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-vested at December 31, 2013 |  |  | 334,151 |  | $ | 3.66 |
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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