STOCK PLANS (Tables)

3 Months Ended

Mar. 31, 2015

STOCK PLANS [Abstract]

Stock option activity

The following table presents the activity related to stock options for the three months ended March 31, 2015:

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of  Period		313,483		$	11.54
Granted		41,047		$	7.60
Expired		(86,875	)	$	10.00
Cancelled / Forfeited		—			—
Exercised		(19,846	)	$	4.23
Options outstanding at End of Period		247,809		$	12.02	$	236,940		4.65
Exercisable (vested) at End of Period		176,160		$	14.07	$	169,885		2.82

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 ended March 31, 2015 is presented below:

	Three Months Ended
	March 31, 2015
Risk Free Interest Rate		1.61	%
Expected Dividend Yield		0.00	%
Expected Life in Years		5
Expected Price Volatility		37.38	%

Activity related to restricted stock

The following table presents the activity related to non-vested restricted stock for the three months ended March 31, 2015:

	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		73,827		$	5.64
Granted		30,056		$	7.59
Cancelled/Forfeited		—			—
Exercised/Released/Vested		(18,304	)	$	4.66
Non-vested restricted stock outstanding at End of Period		85,579		$	6.54	$	676,074		8.74

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 ended March 31, 2015 is presented below:

	Three Months Ended
	March 31, 2015
Risk Free Interest Rate		0.14	%
Expected Dividend Yield		0.00	%
Expected Life in Years		1.00
Expected Price Volatility		15.10	%