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STOCK PLANS (Tables)
 9 Months Ended
Sep. 30, 2016
STOCK PLANS [Abstract]  
Stock Option Activity
The following table presents the activity related to stock options for the three months ended September 30, 2016.

 
 
Number of
Shares
  
Weighted
Average
Exercise Price
 
Aggregate
Intrinsic Value
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Options outstanding at Beginning of  Period
  
229,952
  
$
8.26
     
Granted
  
—
   
—
     
Expired
  
—
   
—
     
Cancelled / Forfeited
  
—
   
—
     
Exercised
  
(11,132
)
  
4.70
     
Options outstanding at End of Period
  
218,820
  
$
8.44
  
$
275,107
   
6.08
 
Exercisable (vested) at End of Period
  
114,830
  
$
9.37
  
$
207,478
   
3.70
 

The following table presents the activity related to stock options for the nine months ended September 30, 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
  
(11,132
)
  
4.70
     
Options outstanding at End of Period
  
218,820
  
$
8.44
  
$
275,107
   
6.08
 
Exercisable (vested) at End of Period
  
114,830
  
$
9.37
  
$
207,478
   
3.70
 
Weighted Average Assumptions Used in Valuing Stock Options Granted
A summary of the weighted average assumptions used in valuing stock options during the three and nine months ended September 30, 2016 is presented below:

 
 
Three Months Ended
September 30, 2016*
  
Nine Months Ended
September 30, 2016
 
Risk Free Interest Rate
  
—
   
1.23
%
 
        
Expected Dividend Yield
  
—
   
0.00
%
 
        
Expected Life in Years
  
—
   
5
 
 
        
Expected Price Volatility
  
—
   
28.41
%

* There were no stock options granted during the three months ended September 30, 2016.
Activity Related to Restricted Stock
The following table presents the activity related to non-vested restricted stock for the three months ended September 30, 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
  
96,801
  
$
6.98
 
 
   
Granted
  
—
   
—
 
 
   
Cancelled / Forfeited
  
(1,393
)
 
$
7.42
 
 
   
Exercised/Released/Vested
  
—
   
—
 
 
   
Non-vested restricted stock outstanding at End of Period
  
95,408
  
$
6.97
 
$769,943
2.68

The following table presents the activity related to non-vested restricted stock for the nine months ended September 30, 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
  
(1,705
)
 
$
7.49
 
 
   
Exercised/Released/Vested
  
(17,964
)
 
$
5.09
 
 
   
Non-vested restricted stock outstanding at End of Period
  
95,408
  
$
6.97
 
$769,943
2.68
Summary of Weighted Average Assumptions Used in Valuing ESPP
A summary of the weighted average assumptions used in valuing ESPP issuances during the three and nine months ended September 30, 2016 is presented below.

 
 
Three Months Ended
September 30, 2016
  
Nine Months Ended
September 30, 2016
 
Risk Free Interest Rate
  
0.71
%
  
0.71
%
 
        
Expected Dividend Yield
  
0.00
%
  
0.00
%
 
        
Expected Life in Years
  
1.00
   
1.00
 
 
        
Expected Price Volatility
  
9.51
%
  
9.51
%