COMMON STOCK COMMON STOCK PURCHASE WARRANTS AND TREASURY STOCK

6 Months Ended

Jun. 30, 2011

COMMON STOCK COMMON STOCK PURCHASE WARRANTS AND TREASURY STOCK

NOTE 13 COMMON STOCK COMMON STOCK PURCHASE WARRANTS AND TREASURY STOCK

During the six months ended June 30, 2011, 542,300 shares of common stock were issued for cash upon exercise of 542,300 warrants at an exercise price of $3.50 per share, 101,000 warrants were exercised on a cashless basis to purchase 67,632 shares of common stock at an exercise price of $3.50 per share, and  73,664  warrants were exercised on a cashless basis to purchase 37,192 shares of common stock at an exercise price of $4.80 per share.

Warrants issued and outstanding at June 30, 2011, and changes during the six months then ended, are as follows:

	Warrants Outstanding							Warrants Exercisable
	Number of underlying shares			Weighted Average Exercise Price		Average Remaining Contractual Life (years)		Number of underlying shares		Weighted Average Exercise Price		Average Remaining Contractual Life (years)
Balance, December 31, 2010		1,138,420		$	3.62		2.91		1,138,420	$	3.62		2.91
Granted / Vested		-
Forfeited		-
Exercised		(716,964	)		3.63
Balance, June 30, 2011		421,456		$	3.59		2.39		421,456	$	3.59		2.39

On January 24, 2011, the Board of Directors approved a one-year share repurchase program of up to $15 million of the Company’s common stock, pursuant to which the Company was authorized to repurchase its outstanding common stock from time to time, depending on market conditions, share price and other factors, on the open market or in privately negotiated transactions. Repurchased shares may be retired immediately and will resume the status of authorized but unissued shares or they may be held by the Company as treasury stock. The repurchase authorization may be modified, suspended, or discontinued by the Board of Directors at any time. During the six months ended June 30, 2011, the Company repurchased 264,047 shares of its common stock under the share repurchase authorization at a weighted-average price of $8.05 per share for an aggregate purchase cost of $2,126,597. As of June 30, 2011, the Company had approximately $12.9 million available under the existing $15 million share repurchase authorization.