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STOCKHOLDERS' EQUITY (Tables)
6 Months Ended
Jun. 30, 2014
Stockholders' Equity Note [Abstract]  
Schedule of assumptions used in the Black-Scholes Model of stock options

The assumptions used in the Black-Scholes Model during the six months ended June 31, 2014 and year ended December 31, 2013 are set forth in the table below.

 

   Six Months Ended June 30, 2014   Six Months Ended June 30, 2013 
Risk-free interest rate   1.70-1.77%   0.65-1.42%
Volatility   69.15-70.93%   33.35-45.76%
Term (in years)   5-6.25    5-6.25 
Dividend yield   0.00%   0.00%

 

Schedule of option activity

A summary of activity under the LTIP and 2012 SOP and related information follows:

 

   Number of Shares Underlying Stock Options   Weighted Average Exercise Price   Weighted Average Remaining Contractual Life in Years   Aggregate Intrinsic Value 
Balance at December 31, 2013   15,632,742   $1.44    7.2   $58,878,132 
Granted   1,625,000   $4.82    9.7   $162,000 
Exercised   (728,844)               
Expired                   
Cancelled   (5,770)               
Balance at June 30, 2014   16,523,128   $1.82    7.3   $43,880,788 
Vested and Exercisable at June 30, 2014   11,958,967   $1.17    6.1   $38,859,553