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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
 
GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.
 
During the six months ended June 30, 2011, the Company granted a total of 202,000 shares to its directors and employees. Directors received 63,000 of these shares of restricted common stock. All of the shares granted to the directors, as well as 3,000 shares granted to certain employees vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. The market value per share on the date of grant was $5.20. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $591,327 and $116,349 to operations during the six and three months ended June 30, 2011, respectively.
 
In addition during the first six months of 2010, the Company granted a total of 40,500 shares of restricted common stock to three directors. The market price of each share on the date of grant was $3.69. These shares were fully vested on the date of grant.
 
No options were granted during the first six months of 2011. During the first six months of 2010 the Company granted 175,500 fully vested options to employees and 500 fully vested options to a consultant. The relevant information for this option grant was as follows:
 
Fair value of option on date of grant $2.31
Expected dividend yield --
Expected Volatility 76%
Risk free interest rate 2.57
Expected term of option 5 years

The aggregate charge to operations relating to these options and share grants as well as charges relating to grants from prior years that vested during the first six and three months of 2010 was $666,493 and $60,478.

As of June 30, 2011, remaining unamortized compensation costs in connection with these grants was $659,775 which will be recognized over the next 30 month period.