EQUITY-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

The fair value of stock options granted was estimated using a Black-Scholes valuation model with the following assumptions:

	2011

Expected dividend yield at date of grant		5.09	%
Expected stock price volatility		56.6	%
Risk-free interest rate		2.57	%
Expected life of options (in years)		6.5

Weighted average estimated fair value of
options at grant date per share	$	3.48

The following table summarizes stock option activity under the Company’s 2011 Equity Incentive Plan for the nine months ended September 30, 2012:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Terms (years)		Aggregate Intrinsic Value (in thousands)

Outstanding at December 31, 2011		940,000		$	9.75		9.1	$	-
Granted		-		$	-		-	$	-
Exercised		-		$	-		-	$	-
Cancelled		(47,000	)	$	9.75		-	$	-
Outstanding at September 30, 2012		893,000		$	9.75		8.5	$	-	(¹)
Exercisable at September 30, 2012		178,600		$	9.75		8.5	$	-

(1) Exercise price exceeds our market price at September 30, 2012.

A summary of the non-vested shares as of September 30, 2012 is as follows:

	Number of Shares		Weighted Average Grant Date Fair Value

Non-vested at January 1, 2012		-	$
Granted		192,739		7.78
Vested		-
Forfeited		-
Non-vested at September 30, 2012		192,739	$	7.78