STOCK-BASED COMPENSATION EXPENSE (Tables)

9 Months Ended

Sep. 30, 2012

STOCK-BASED COMPENSATION EXPENSE [Abstract]

Summary of stock option activity and related information

A summary of stock option activity and related information for the nine months ended September 30, 2012 is presented below:

	Options		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1, 2012		1,833,582	$	7.02
Granted (1)		609,475		1.63
Exercised		—		—
Forfeited		—		—
Outstanding at September 30, 2012 (1)		2,443,057	$	5.68	$	—
Exercisable at September 30, 2012		1,948,677	$	5.66	$	—

(1) Does not include 915,525 options subject to shareholder approval, which were granted on June 11, 2012 and which are described in more detail below.

Share-based compensation expense

The following table reflects share-based compensation recorded by the Company for the three months ended September 30, 2012 and 2011:

	Three Months Ended September 30,
	2012		2011
Share-based compensation expense included in general and administrative expense	$	371,361	$	590,405
Earnings per common share effect of share-based compensation expense – basic and diluted	$	(0.01)	$	(0.02)

The following table reflects share-based compensation recorded by the Company for the nine months ended September 30, 2012 and 2011:

	Nine Months Ended September 30,
	2012		2011
Share-based compensation expense included in general and administrative expense	$	1,655,526	$	1,750,316
Earnings per common share effect of share-based compensation expense – basic and diluted	$	(0.05)	$	(0.06)