STOCK PLANS (Tables)

9 Months Ended

Sep. 30, 2014

The following table presents the activity related to stock options for the three months ended September 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		3.21

Exercisable (vested) at End of Period		253,265	$	13.13	$	160,204		2.20

The following table presents the activity related to stock options for the nine months ended September 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		3.21

Exercisable (vested) at End of Period		253,265		$	13.13	$	160,204		2.20

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 nine months ended September 30, 2014 is presented below:

	Three Months Ended		Nine Months Ended
	September 30, 2014*		September 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 September 30, 2014.

Activity related to restricted stock

The following table presents the activity related to non-vested restricted stock for the three months ended September 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		8.22

The following table presents the activity related to non-vested restricted stock for the nine months ended September 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		8.22

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 month ended September 30, 2014 is presented below:

	Three Months Ended			Nine Months Ended
	September 30, 2014			September 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	%