STOCK PLANS (Tables)

3 Months Ended

Mar. 31, 2017

STOCK PLANS [Abstract]

Stock Option Activity

The following table presents the activity related to stock options for the three months ended March 31, 2017:

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Options outstanding at Beginning of Period		227,549		$	8.12
Granted		60,520		$	11.54
Expired		(37,475	)	$	16.31
Cancelled / Forfeited		—		$	—
Exercised		—		$	—
Options outstanding at End of Period		250,594		$	7.72	$	978,246		7.49
Exercisable (vested) at End of Period		118,731		$	6.03	$	667,012		5.71

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, 2017 is presented below:

	Three Months Ended March 31, 2017
Risk Free Interest Rate		1.89	%
Expected Dividend Yield		0.00	%
Expected Life in Years		5
Expected Price Volatility		22.88	%

Activity Related to Restricted Stock

The following table presents the activity related to non-vested restricted stock for the three months ended March 31, 2017:

	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		99,184		$	6.70
Granted		24,617		$	11.46
Cancelled/Forfeited		—		$	—
Exercised/Released/Vested		(15,340	)	$	5.08
Non-vested restricted stock outstanding at End of Period		108,461		$	8.01	$	1,258,148	3.06

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, 2017 is presented below:

	Three Months Ended March 31, 2017
Risk Free Interest Rate		0.85%
Expected Dividend Yield		0.00%
Expected Life in Years		1.00
Expected Price Volatility		8.18%