SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

Movements of Options Issued and Outstanding

Options issued and outstanding at December 31, 2013, 2012, and 2011 and their movements during the three years 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 January 1, 2011	115,000		6.74	$	517,450	9.00
Granted	600,000		4.85		-	10.00
Exercised	-		-		-	-
Expired	-		-		-	-
Forfeited	-		-		-	-
Outstanding at December 31, 2011	715,000		5.16	$	213,300	9.43
Granted	60,000		5.63		-	10.00
Exercised	-		-		-	-
Expired	-		-		-	-
Forfeited	(60,000)		4.50		-	-
Outstanding at December 31, 2012	715,000		5.25	$	65,700	8.47
Granted	60,000		5.60		-	10.00
Exercised	(110,000)		4.50		-	-
Expired	-		-		-	-
Forfeited	-		-		-	-
Outstanding at December 31, 2013	665,000		5.41	$	551,300	7.64
Exercisable at December 31, 2013	515,000	$	5.64	$	384,800	7.54

(1)

The intrinsic value of the stock options at December 31, 2013, 2012 and 2011 is the amount by which the market value of the Company’s common stock of $5.72, $4.39 and $4.76 as of December 31, 2013, 2012 and 2011 exceeds the exercise price of the option.