LONG TERM INCENTIVE PLAN & STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2016

LONG TERM INCENTIVE PLAN & STOCK OPTIONS

Schedule of restricted shares

	2016		2015		2014
Restricted Shares Granted		-		850,000		740,000
Average Market Value Per Share on Grant Date		-	$	8.23	$	9.42
Expense related to All Restricted Shares	$	4,361,760	$	3,694,496	$	5,497,274
Unearned Stock Based Compensation for All Restricted Stock Awards Attributable to Future Periods.	$	1,549,259

Summary of the status of the LTIP and the Old Plan

		WEIGHTED
		AVERAGE	AGGREGATE
		EXERCISE	INTRINSIC
	SHARES	PRICE	VALUE
Outstanding at December 31, 2013	6,228,000	6.27	$	25,956,880
Granted	1,731,500	9.43
Exercised	(1,029,016)	2.88	$	2,964,445
Forfeited	(45,401)	6.19
Outstanding at December 31, 2014	6,885,083	7.41	$	19,730,211
Granted	1,697,500	8.30
Exercised	(794,248)	3.50	$	2,780,188
Forfeited	(29,333)	6.91
Outstanding at December 31, 2015	7,759,002	7.84	$	18,648,477
Granted	30,000	6.54
Exercised	(25,834)	4.35	$	112,280
Forfeited	(71,667)	9.33
Outstanding at December 31, 2016	7,691,501	7.83	$	1,821,384

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

OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
								WEIGHTED
			REMAINING	WEIGHTED				AVERAGE
	NUMBER OF		CONTRACTUAL	EXERCISE		NUMBER OF		EXERCISE
RANGE OF EXERCISE PRICES	OPTIONS		LIFE	PRICE		OPTIONS		PRICE
$3.09 to $4.93		392,500	2.0-6.5 yrs.	$	3.31		392,500	$	3.31
$5.86 to $7.13		2,513,000	.9-9.7 yrs.	$	6.44		2,483,000	$	6.44
$8.23 to 11.49		4,786,001	2.8-8.8 yrs.	$	8.94		3,113,835	$	9.09
Total		7,691,501	5.7 yrs.	$	7.83		5,989,335	$	7.61
Intrinsic Value	$	1,821,384				$	1,821,134

Schedule of unvested options

		WEIGHTED
		AVERAGE
	NUMBER OF	FAIR MARKET
	UNVESTED	VALUE AT
	OPTIONS	GRANT DATE
As of December 31, 2013	1,714,433
Granted	1,731,500	$	5.91
Forfeited	(45,401)
Vested	(820,032)
As of December 31, 2014	2,580,500
Granted	1,697,500	$	4.56
Forfeited	(28,333)
Vested	(1,135,056)
As of December 31, 2015	3,114,611
Granted	30,000	$	3.85
Forfeited	(71,667)
Vested	(1,370,778)
As of December 31, 2016	1,702,166

Schedule of assumptions used in stock option valuation

	2016	2015	2014
Volatility of share price	64 - 65  %	58 - 61  %	69 - 70  %
Risk free interest rate	1.3-1.6  %	1.5 - 1.7  %	1.9 - 2.0  %
Expected option life	6 yrs.	6 yrs.	6 yrs.
Dividend Yield	0.0%	0.0%	0.0%