SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract]

Schedule for components of stock based compensation

The following table summarizes the components of the Company’s stock-based compensation included in net loss:

	Year Ended December 31,
	2014		2013
Employee stock options	$	840,568	$	791,833
Restricted stock awards		846,955		886,274
Income tax benefit		-		(309,607	)
Total	$	1,687,523	$	1,368,500

Summary of the stock option activity

The following is a summary of the stock option activity for the years ended December 31, 2014 and 2013:

	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2012		1,147,847		$	2.31
Granted		436,002		$	4.59
Exercised		(197,848	)	$	2.13
Forfeited		(101,831	)	$	2.47
Expired		(79,873	)	$	2.36
Outstanding, December 31, 2013		1,204,297		$	3.14
Granted		535,000		$	2.49
Exercised		-		$	-
Forfeited		(30,775	)	$	2.51
Expired		(42,576	)	$	3.64
Outstanding, December 31, 2014		1,665,946		$	2.93

Weighted average assumptions for stock options granted

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted average assumptions for stock options granted during the years ended December 31, 2014 and 2013:

	Year Ended December 31,
	2014			2013
Dividend yield		0.0	%		0.0	%
Expected volatility		81.1	%		92.9	%
Risk-free interest rate		1.77	%		1.01	%
Expected lives (years)		5.8			5.0

Information about stock options outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:

Options Outstanding					Options Exercisable						Options Vested or Expected to Vest
Balance as of 12/31/2014	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2014		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Balance as of 12/31/2014		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
1,665,946		7.66	$	2.93		1,056,203		6.85	$	2.73		1,585,478		7.57	$	2.93

Restricted stock activity

The following is a summary of the restricted stock activity for the years ended December 31, 2014 and 2013:

	Shares			Weighted Average Grant Date Fair Value
Unvested, December 31, 2012		191,843		$	3.38
Granted		345,403		$	4.48
Vested		(186,343	)	$	3.76
Canceled		-		$	-
Unvested, December 31, 2013		350,903		$	4.26
Granted		185,032		$	2.09
Vested		(248,929	)	$	3.77
Canceled		-		$	-
Unvested, December 31, 2014		287,006		$	3.29