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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2012
SHAREHOLDERS' EQUITY  
Schedule of reconciliation of net income (loss) and weighted average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share

 

 

December 31,

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

Net income (loss)

 

$

15,671,879

 

$

10,833,215

 

$

(1,222,682

)

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

20,489,179

 

20,205,524

 

20,162,944

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

366,417

 

317,063

 

 

 

 

20,855,596

 

20,522,587

 

20,162,944

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

0.76

 

$

0.54

 

$

(0.06

)

Diluted net income (loss) per share

 

$

0.75

 

$

0.53

 

$

(0.06

)

Summary of activity under the Plans

 

 

 

 

Weighted

 

 

 

Shares under

 

Average

 

 

 

Option

 

exercise price

 

 

 

 

 

 

 

Balance at December 31, 2009

 

875,039

 

$

3.69

 

Granted

 

 

$

 

Exercised

 

 

$

 

Canceled

 

(87,366

)

$

4.27

 

Balance at December 31, 2010

 

787,673

 

$

3.63

 

Granted

 

104,145

 

$

6.07

 

Exercised

 

(59,334

)

$

3.06

 

Canceled

 

(21,000

)

$

4.10

 

Balance at December 31, 2011

 

811,484

 

$

3.97

 

Granted

 

138,120

 

$

7.13

 

Exercised

 

(192,949

)

$

4.20

 

Canceled

 

(51,496

)

$

8.94

 

Balance at December 31, 2012

 

705,159

 

$

4.16

 

Schedule of information that applies to options outstanding and exercisable

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

remaining

 

Weighted

 

 

 

Range of

 

Number

 

contractual

 

average

 

 

 

Exercise prices

 

outstanding

 

life (in years)

 

exercise price

 

Outstanding options

 

$2.80 – $9.87

 

705,159

 

2.06

 

$

4.16

 

Exercisable options

 

$2.80 – $9.87

 

653,034

 

1.86

 

$

4.02