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SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2012
Share-based Compensation [Abstract]  
Movements of Options Issued and Outstanding

Options issued and outstanding at September 30, 2012 and their movements during the nine 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 September 30, 2012  775,000  $5.19  $40,800   8.75 
Exercisable at September 30, 2012  205,000  $6.87  $40,800   7.75 

 

(1)The intrinsic value of the stock options at September 30, 2012 and December 31, 2011 is the amount by which the market value of the Company’s common stock of $3.56 and $4.76, as of September 30, 2012 and December 31, 2011, respectively, exceeds the exercise price of the option.