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STOCK-BASED COMPENSATION PLAN (Tables)
3 Months Ended
Mar. 31, 2014
Employee Stock Option [Member]
 
Summary of Option Activity
The following table summarizes activity for employees in the Company’s Plan:
 
 
 
Number of
Shares
 
Average
Exercise
Price per Share
 
Weighted
Average
Remaining
Contractual
Term in Years
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2014
 
 
1,023,333
 
 
2.85
 
 
1.40
 
Exercisable at January 1, 2014
 
 
1,023,333
 
 
2.85
 
 
1.40
 
Granted
 
 
-
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
 
-
 
Outstanding at March 31, 2014
 
 
1,023,333
 
 
2.85
 
 
1.15
 
Exercisable at March 31, 2014
 
 
1,023,333
 
$
2.85
 
 
1.15
 
Independent Directors Compensation Plan [Member]
 
Summary of Option Activity
The following table summarizes option activity with respect to the independent directors:
 
 
 
Number of
Shares
 
Average
Exercise
Price per Share
 
Weighted
Average
Remaining
Contractual
Term in Years
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2014
 
200,000
 
 
2.64
 
1.05
 
Exercisable at January 1, 2014
 
160,000
 
 
2.64
 
0.74
 
Granted
 
-
 
 
-
 
-
 
Exercised
 
60,000
 
 
1.85
 
-
 
Forfeited
 
-
 
 
-
 
-
 
Outstanding at March 31, 2014
 
140,000
 
 
2.98
 
0.98
 
Exercisable at March 31, 2014
 
100,000
 
$
2.98
 
0.67