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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2013
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,

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

Net income (loss)

 

$

(6,316,041

)

$

15,671,879

 

$

10,833,215

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

21,841,582

 

21,513,638

 

21,215,800

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

Stock options

 

 

384,738

 

332,601

 

 

 

21,841,582

 

21,898,376

 

21,548,401

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

(0.29

)

$

0.73

 

$

0.51

 

Diluted net income (loss) per share

 

$

(0.29

)

$

0.72

 

$

0.50

 

 

Summary of activity under the 2006 Plans

 

 

 

 

 

 

Weighted

 

 

 

Shares under

 

Average

 

 

 

Option

 

exercise price

 

 

 

 

 

 

 

Balance at December 31, 2010

 

803,681

 

$

3.63

 

Granted

 

109,347

 

$

5.78

 

Exercised

 

(59,334

)

$

3.06

 

Canceled

 

(21,000

)

$

4.10

 

Balance at December 31, 2011

 

832,694

 

$

3.97

 

Granted

 

143,602

 

$

6.86

 

Exercised

 

(192,949

)

$

4.20

 

Canceled

 

(51,496

)

$

8.94

 

Balance at December 31, 2012

 

731,851

 

$

4.16

 

Granted

 

117,611

 

$

7.61

 

Exercised

 

(328,403

)

$

2.97

 

Canceled

 

(63,330

)

$

6.61

 

Balance at December 31, 2013

 

457,729

 

$

5.31

 

 

Schedule of information that applies to options outstanding and exercisable

The following information applies to options outstanding and exercisable at December 31, 2013:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

remaining

 

Weighted

 

 

 

Range of

 

Number

 

contractual

 

average

 

 

 

Exercise prices

 

outstanding

 

life (in years)

 

exercise price

 

Outstanding options

 

$3.52 – $7.18

 

457,729

 

2.84

 

$

5.31

 

Exercisable options

 

$3.52 – $7.18

 

402,724

 

2.58

 

$

5.08