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8 - SHARE BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Accounting for stock options issued to employees measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Outstanding options to purchase Class A common stock (“the Options”) vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in our 2005 Stock Incentive Plan. The fair value of options was determined using the Black-Scholes option-pricing model with the following weighted average assumptions for 2013: dividend yield of 0%,; expected volatility of 40%; risk free interest rate of approximately 2.13% and an expected holding period of five years. We granted 20,000 shares of options and forfeited 67,000 shares of options during the nine months ended September 30, 2013. The option activity during the three months ended September 30, 2013 is as follows:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Years Remaining Contractual Term				Aggregate Intrinsic Value

Outstanding at December 31, 2012			454,500			$	1.35				4.6			$	12,000
Grants			20,000				0.92				8.7
Forfeited			(67,000	)			1.22
Outstanding at September 30, 2013			407,500				1.35				4.6			$	15,400
Exercisable at September 30, 2013			288,167			$	1.47				3.8			$	8,300