STOCK PLANS (Tables)

9 Months Ended

Sep. 30, 2013

The following table presents the activity related to stock options for the three months ended September 30, 2013.

	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		357,493	$	11.87

Granted		—		—

Expired		—		—

Cancelled / Forfeited		—		—

Exercised		—		—

Options outstanding at End of Period		357,493	$	11.87	$	156,377		2.98

Exercisable (vested) at End of Period		311,503	$	12.84	$	81,822		2.16

The following table presents the activity related to stock options for the nine months ended September 30, 2013.

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		383,045		$	11.71

Granted		22,950		$	5.88

Expired		(48,502	)	$	7.74

Cancelled / Forfeited		—			—

Exercised		—			—

Options outstanding at End of Period		357,493		$	11.87	$	156,377		2.98

Exercisable (vested) at End of Period		311,503		$	12.84	$	81,822		2.16

Weighted average assumptions used in valuing stock options

A summary of the weighted average assumptions used in valuing stock options during the three months and nine months ended September 30, 2013 is presented below.

	Three Months Ended		Nine months Ended
	September 30, 2013*		September 30, 2013
Risk Free Interest Rate		—		0.86	%
Expected Dividend Yield		—		0.00	%
Expected Life in Years		—		5
Expected Price Volatility		—		54.36	%

* There were no stock options granted during the three-month period ended September 30, 2013.

Activity related to restricted stock

The following table presents the activity related to non-vested restricted stock for the three months ended September 30, 2013.

	Number of Shares		Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Non-vested restricted stock outstanding at Beginning of Period		58,282	$	5.00

Granted		1,500	$	5.96

Cancelled / Forfeited		—		—

Exercised/Released/Vested		—		—

Non-vested restricted stock outstanding at End of Period		59,782	$	5.03	$	411,898		8.15

The following table presents the activity related to non-vested restricted stock for the nine months ended September 30, 2013.

	Number of Shares			Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Non-vested restricted stock outstanding at Beginning of Period		47,707		$	4.53

Granted		20,880		$	5.89

Cancelled / Forfeited		—			—
Exercised/Released/Vested		(8,805	)	$	4.37

Non-vested restricted stock outstanding at End of Period		59,782		$	5.03	$	411,898		8.15

Summary of weighted average assumptions used in valuing ESPP

A summary of the weighted average assumptions used in valuing ESPP issuances during the three months and nine months ended September 30, 2013 is presented below.

	Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013
Risk Free Interest Rate		0.19	%		0.19	%
Expected Dividend Yield		0.00	%		0.00	%
Expected Life in Years		1.00			1.00
Expected Price Volatility		20.00	%		20.00	%