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SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2012
Movements of Options Issued and Outstanding

Options issued and outstanding at June 30, 2012 and their movements during the six months then ended are as follows:

 

    Number of
underlying
shares		     Weighted-
Average
Exercise
Price
Per Share		     Aggregate
Intrinsic
Value (1)		     Weighted-
Average
Contractual
Life
Remaining in
Years		  
                         
Outstanding at December 31, 2011     715,000     $ 5.16     $ 213,300       9.43  
Granted     60,000       5.63               10.00  
Exercised     -                          
Expired     -                          
Forfeited     -                          
Outstanding at June 30, 2012     775,000     $ 5.19     $ 612,900       9.00  
                                 
Exercisable at June 30, 2012     190,000     $ 6.97     $ 98,400       7.86  

 

(1) The intrinsic value of the stock options at June 30, 2012 and December 31, 2011 is the amount by which the market value of the Company’s common stock of $5.48 and $4.76, as of June 30, 2012 and December 31, 2011, respectively, exceeds the exercise price of the option.