STOCK PLANS (Tables)

6 Months Ended

Jun. 30, 2014

The following table presents the activity related to stock options for the three months ended June 30, 2014.

	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		301,457	$	12.01

Granted		—		—

Expired		—		—

Cancelled / Forfeited		—		—

Exercised		—		—

Options outstanding at End of Period		301,457	$	12.01	$	231,049		3.46

Exercisable (vested) at End of Period		253,265	$	13.13	$	160,204		2.45

The following table presents the activity related to stock options for the six months ended June 30, 2014.

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		368,177		$	11.52

Granted		18,967		$	7.28

Expired		(85,687	)	$	8.89

Cancelled / Forfeited		—			—

Exercised		—			—

Options outstanding at End of Period		301,457		$	12.01	$	231,049		3.46

Exercisable (vested) at End of Period		253,265		$	13.13	$	160,204		2.45

Weighted average assumptions used in valuing stock options granted

A summary of the weighted average assumptions used in valuing stock options during the three months and six months ended June 30, 2014 is presented below.

	Three Months Ended		Six Months Ended
	June 30, 2014*		June 30, 2014
Risk Free Interest Rate		—		1.53	%

Expected Dividend Yield		—		0.00	%

Expected Life in Years		—		5

Expected Price Volatility		—		45.93	%

* There were no stock options granted during the three-month period ended June 30, 2014.

Activity related to restricted stock

The following table presents the activity related to non-vested restricted stock for the three months ended June 30, 2014.

	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		71,013	$	5.87

Granted		—		—

Cancelled / Forfeited		—		—

Exercised/Released/Vested		—		—

Non-vested restricted stock outstanding at End of Period		71,013	$	5.87	$536,148	8.47

The following table presents the activity related to non-vested restricted stock for the six months ended June 30, 2014.

	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		61,541		$	4.88

Granted		24,890		$	7.28

Cancelled / Forfeited		(4,230	)	$	4.74

Exercised/Released/Vested		(11,188	)	$	4.01

Non-vested restricted stock outstanding at End of Period		71,013		$	5.87	$536,148	8.47

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 six months ended June 30, 2014 is presented below.

	Three Months Ended			Six Months Ended
	June 30, 2014			June 30, 2014
Risk Free Interest Rate		0.12	%		0.12	%

Expected Dividend Yield		0.00	%		0.00	%

Expected Life in Years		1.00			1.00

Expected Price Volatility		20.00	%		20.00	%