|
Stock Incentive Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Assumptions of Estimated Fair Value of Options |
We used the following assumptions in estimating the fair value of
the options issued in the periods indicated below:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Expected volatility
|
|
|
57.00 |
% |
|
|
59.00 |
% |
|
|
72.00 |
% |
|
Risk free interest rate
|
|
|
2.73 |
% |
|
|
1.64 |
% |
|
|
2.15 |
% |
|
Expected dividend yields
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Expected lives
|
|
|
10 yrs. |
|
|
|
10 yrs. |
|
|
|
10 yrs. |
|
|
| Summary of Stock Option Activity |
The following tables summarize stock option activity during the
years ended December 31, 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31,
2013 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Values |
|
|
Outstanding at January 1, 2013
|
|
|
433,000 |
|
|
$ |
3.60 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
10,000 |
|
|
|
3.80 |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(30,500 |
) |
|
|
0.94 |
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(133,500 |
) |
|
|
4.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2013
|
|
|
279,000 |
|
|
|
3.31 |
|
|
|
2.5 years |
|
|
$ |
321,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2013
|
|
|
269,000 |
|
|
|
3.29 |
|
|
|
2.2 years |
|
|
$ |
321,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected (as of December 31, 2013) to vest
in the future
|
|
|
279,000 |
|
|
|
3.31 |
|
|
|
2.5 years |
|
|
$ |
321,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31,
2012 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Values |
|
|
Outstanding at January 1, 2012
|
|
|
546,001 |
|
|
$ |
4.54 |
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
8,000 |
|
|
|
1.80 |
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(3,334 |
) |
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(117,667 |
) |
|
|
7.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012
|
|
|
433,000 |
|
|
|
3.60 |
|
|
|
2.4 years |
|
|
$ |
157,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012
|
|
|
425,000 |
|
|
|
3.64 |
|
|
|
2.3 years |
|
|
$ |
155,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected (as of December 31, 2012) to vest
in the future
|
|
|
433,000 |
|
|
|
3.60 |
|
|
|
2.4 years |
|
|
$ |
157,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Share Based Compensation Option Unvested |
A summary of the status of the Company’s unvested stock
options as of December 31, 2013 and 2012 and the changes that
occurred during each of the years then ended is presented
below:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
|
Unvested at January 1, 2013
|
|
|
8,000 |
|
|
$ |
1.28 |
|
|
Granted
|
|
|
10,000 |
|
|
|
2.77 |
|
|
Vested
|
|
|
(8,000 |
) |
|
|
1.28 |
|
|
Forfeited
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Unvested at December 31, 2013
|
|
|
10,000 |
|
|
$ |
2.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
|
Unvested at January 1, 2012
|
|
|
69,200 |
|
|
$ |
0.73 |
|
|
Granted
|
|
|
8,000 |
|
|
|
1.28 |
|
|
Vested
|
|
|
(69,200 |
) |
|
|
0.73 |
|
|
Forfeited
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Unvested at December 31, 2012
|
|
|
8,000 |
|
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
|
|
| Stock Options Outstanding Under Equity Incentive Plans |
Set forth below is additional information with respect to the stock
options that were outstanding under our equity incentive plans at
December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range
|
|
Outstanding
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Life (Years) |
|
|
Options
Exercisable |
|
|
Weighted
Average
Exercise
Price |
|
|
$0.63 – $4.50
|
|
|
190,000 |
|
|
$ |
1.65 |
|
|
|
2.7 |
|
|
|
180,000 |
|
|
$ |
1.53 |
|
|
$4.75 – $9.80
|
|
|
89,000 |
|
|
$ |
6.85 |
|
|
|
2.0 |
|
|
|
89,000 |
|
|
$ |
6.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.63 – $9.80
|
|
|
279,000 |
|
|
$ |
3.31 |
|
|
|
2.5 |
|
|
|
269,000 |
|
|
$ |
3.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Restricted Share Activity |
A summary of restricted stock activity during the years ended
December 31, 2013 and 2012 is presented below:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted Average
Grant Date
Fair Values |
|
|
Outstanding at January 1, 2013
|
|
|
312,501 |
|
|
$ |
3.39 |
|
|
Granted
|
|
|
167,500 |
|
|
|
2.96 |
|
|
Vested
|
|
|
(105,504 |
) |
|
|
3.29 |
|
|
Forfeited
|
|
|
(55,837 |
) |
|
|
2.96 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding and unvested at end of year
|
|
|
318,660 |
|
|
$ |
3.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Values |
|
|
Outstanding at January 1, 2012
|
|
|
232,501 |
|
|
$ |
4.31 |
|
|
Granted
|
|
|
147,500 |
|
|
|
2.28 |
|
|
Vested
|
|
|
(58,500 |
) |
|
|
4.15 |
|
|
Forfeited
|
|
|
(9,000 |
) |
|
|
3.89 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding and unvested at end of year
|
|
|
312,501 |
|
|
$ |
3.39 |
|
|
|
|
|
|
|
|
|
|
|