COMMON STOCK AND COMMON STOCK PURCHASE WARRANTS

3 Months Ended

Mar. 31, 2012

COMMON STOCK AND COMMON STOCK PURCHASE WARRANTS

NOTE 13 COMMON STOCK AND COMMON STOCK PURCHASE WARRANTS

During the three months ended March 31, 2012, 125,000 warrants were exercised on a cashless basis to purchase 48,402 shares of common stock, which would have been exercisable in cash for $3.50 per share.

Warrants issued and outstanding at March 31, 2012, and changes during the three 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, January 1, 2012		408,956		$	3.59		1.89		408,956	$	3.59		1.89
Granted/Vested		-
Forfeited		-
Exercised		(125,000	)		3.50
Balance, March 31, 2012		283,956			3.63		1.67		283,956		3.63		1.67

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. In 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. The share repurchase program expired on January 23, 2012.