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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2014
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,

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

Net income (loss)

 

$

(9,528,330

)

$

(6,316,041

)

$

15,671,879

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

7,322,358

 

7,280,527

 

7,171,212

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

Stock options

 

 

 

128,246

 

 

 

7,322,358

 

7,280,527

 

7,299,458

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

(1.30

)

$

(0.87

)

$

2.19

 

Diluted net income (loss) per share

 

$

(1.30

)

$

(0.87

)

$

2.15

 

 

Summary of activity under the 2006 Plans

 

 

 

 

 

Weighted

 

 

 

Shares under

 

Average

 

 

 

Option

 

exercise price

 

 

 

 

 

 

 

Balance at December 31, 2011

 

277,565

 

$

11.91

 

Granted

 

47,867

 

$

20.58

 

Exercised

 

(64,316

)

$

12.60

 

Canceled

 

(17,166

)

$

26.82

 

Balance at December 31, 2012

 

243,950

 

$

12.48

 

Granted

 

39,204

 

$

22.83

 

Exercised

 

(109,468

)

$

8.91

 

Canceled

 

(21,110

)

$

19.83

 

Balance at December 31, 2013

 

152,576

 

$

15.93

 

Granted

 

180,833

 

$

11.79

 

Exercised

 

(14,652

)

$

10.56

 

Canceled

 

(39,001

)

$

10.86

 

Balance at December 31, 2014

 

279,756

 

$

14.25

 

 

Schedule of information that applies to options outstanding and exercisable

 

The following information applies to options outstanding and exercisable at December 31, 2014:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

remaining

 

Weighted

 

 

 

Range of

 

Number

 

contractual

 

average

 

 

 

Exercise prices

 

outstanding

 

life (in years)

 

exercise price

 

Outstanding options

 

$11.79 — $21.54

 

279,756 

 

3.93 

 

$

14.25 

 

Exercisable options

 

$11.79 — $21.54

 

133,505 

 

3.22 

 

$

16.94