STOCK PLANS (Tables)

3 Months Ended

Mar. 31, 2016

STOCK PLANS [Abstract]

Stock Option Activity

The following table presents the activity related to stock options for the three months ended March 31, 2016:

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		227,364		$	10.74
Granted		56,199		$	7.82
Expired		(53,611	)	$	18.29
Cancelled / Forfeited		—		$	—
Exercised		—		$	—
Options outstanding at End of Period		229,952		$	8.26	$	253,062		6.54
Exercisable (vested) at End of Period		125,112		$	8.98	$	214,136		4.32

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, 2016 is presented below:

	Three Months Ended March 31, 2016
Risk Free Interest Rate		1.23	%
Expected Dividend Yield		0.00	%
Expected Life in Years		5
Expected Price Volatility		28.41	%

Activity Related to Restricted Stock

The following table presents the activity related to non-vested restricted stock for the three months ended March 31, 2016:

	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		86,376		$	6.31
Granted		28,701		$	7.82
Cancelled / Forfeited		—		$	—
Exercised/Released/Vested		(13,180	)	$	4.64
Non-vested restricted stock outstanding at End of Period		101,897		$	6.95	$	786,645		8.57

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, 2016 is presented below:

	Three Months Ended March 31, 2016
Risk Free Interest Rate		0.71	%
Expected Dividend Yield		0.00	%
Expected Life in Years		1.00
Expected Price Volatility		9.51	%