LONG TERM INCENTIVE PLAN & STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2012

LONG TERM INCENTIVE PLAN & STOCK OPTIONS

Schedule of restricted shares

	2012		2011		2010
Restricted Shares Granted		235,000		—		235,000
Expense related to Grant of Restricted Shares	$	1,075,929	$	596,000	$	332,644
Market Value Per Share on Grant Date	$	9.45			$	5.86
Unrecorded Stock Based Compensation for Restricted Stock Awards Attributable to Future Periods	$	1,885,790

Summary of the status of the LTIP and the Old Plan

	SHARES			WEIGHTED AVERAGE EXERCISE PRICE		AGGREGATE INTRINSIC VALUE
Outstanding at December 31, 2009		4,441,500			3.95	$	16,604,310
Granted		938,000			6.70
Exercised		(78,166	)		1.16	$	369,887
Forfeited		(12,000	)		6.80
Outstanding at December 31, 2010		5,289,334			4.52	$	17,879,160
Granted		839,000			8.54
Exercised		(416,201	)		1.81	$	2,571,874
Forfeited		(229,998	)		6.61
Outstanding at December 31, 2011		5,482,135			5.23	$	17,761,008
Granted		871,000			9.62
Exercised		(223,601	)		0.59	$	1,286,176
Forfeited		(140,334	)		8.66
Outstanding at December 31, 2012		5,989,200			5.95	$	12,559,074

Schedule of options outstanding and options exercisable by range of exercise prices

OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
RANGE OF EXERCISE PRICES	NUMBER OF OPTIONS		REMAINING CONTRACTUAL LIFE	WEIGHTED EXERCISE PRICE		NUMBER OF OPTIONS		WEIGHTED AVERAGE EXERCISE PRICE
$1.81 to $2.79		952,200	0.6 - 2.6 yrs.	$	2.30		952,200	$	2.30
$3.06 to $4.55		1,385,000	0.8 - 5.9 yrs.	$	3.97		1,385,000	$	3.97
$4.93 to $6.74		1,705,000	4.8 - 9.9 yrs.	$	6.41		1,573,334	$	6.45
$7.13 to $10.20		1,947,000	6.8 - 9.6 yrs.	$	8.75		499,666	$	7.81
Total		5,989,200	5.4 yrs.	$	5.95		4,410,200	$	4.93
Intrinsic Value	$	12,559,074				$	13,758,011

Schedule of unvested options

	NUMBER OF UNVESTED OPTIONS			WEIGHTED AVERAGE FAIR MARKET VALUE AT GRANT DATE
As of December 31, 2009		1,305,000
Granted		938,000		$	4.07
Forfeited		(12,000	)
Vested		(621,889	)
As of December 31, 2010		1,609,111
Granted		839,000		$	5.06
Forfeited		(229,998	)
Vested		(688,780	)
As of December 31, 2011		1,529,333
Granted		871,000		$	5.93
Forfeited		(140,334	)
Vested		(680,999	)
As of December 31, 2012		1,579,000

Schedule of assumptions used in stock option valuation

	2012	2011	2010
Volatility of share price	64 - 65%	63 - 64%	65 - 67%
Risk free interest rate	0.8 - 1.2%	1.1 - 2.6%	1.45 - 2.8%
Expected option life	6 yrs.	6 yrs.	6 yrs.
Dividend Yield	0.0%	0.0%	0.0%