6 - SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2015

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

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

6 - SHARE BASED COMPENSATION

Our 2005 Stock Incentive Plan (the “Plan”) authorizes the issuance of up to 1,000,000 shares pursuant to options or awards granted under the plan. Under the Plan, incentive stock and nonstatutory options were granted at prices equal to at least the fair market value of our Class A common stock at the date of grant. Outstanding options vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in the Plan. The fair value of options was determined using the Black-Scholes option-pricing model with the following weighted average assumptions as follows for 2015: dividend yield of 0%; expected volatility of 10%; a risk free interest rate of approximately 1.68% and an expected holding period of five years and for 2014: dividend yield of 0%; expected volatility of 20%; a risk free interest rate of approximately 2.65% and an expected holding period of five years.

Stock option activity during the periods indicated is as follows:

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

Outstanding at December 31, 2013		396,000		$	1.24		4.8	$	13,400
Grants		78,000			1.02		8.5		3,100
Forfeited		(81,500	)		1.53		-		-
Outstanding at December 31, 2014		392,500			1.24		4.8	$	13,400
Grants		79,000			1.04
Forfeited		(15,500	)		1.34
Outstanding at December 31, 2015		456,000			1.20		4.3	$	17,000
Exercisable at December 31, 2015		320,333		$	1.28		3.4	$	5,600

At December 31, 2015, the range of individual weighted average exercise prices was $.98 to $1.37 and the unamortized compensation expense was approximately $15,000.