STOCK REPURCHASE PROGRAM

9 Months Ended

Sep. 30, 2011

Disclosure Text Block Supplement [Abstract]

Treasury Stock [Text Block]

NOTE 18 — STOCK REPURCHASE PROGRAM

On November 3, 2010, the Company’s Board of Directors authorized the repurchase of issued and outstanding shares of the Company’s common stock having an aggregate value of up to $3,000,000 pursuant to a share repurchase program. The repurchases under the share repurchase program are made from time to time in the open market or in privately negotiated transactions and are funded from the Company’s working capital. The amount and timing of such repurchases will be dependent upon the price and availability of shares, general market conditions and the availability of cash, as determined at the discretion of the Company’s management. All shares of common stock repurchased under the Company’s share repurchase program are held as treasury stock. For the nine-month period ended September 30, 2011, the Company purchased a total of approximately 229,000 shares of its common stock in open market transactions under the stock repurchase program for an aggregate purchase price of $1,050,000. As of September 30, 2011, the Company has purchased a total of approximately 265,000 shares of its common stock in open market transactions under the stock repurchase program for an aggregate purchase price of approximately $1,148,000, or an average cost of $4.33 per share.

In addition, on May 3, 2007, the Company previously had announced that its Board of Directors had authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10,000,000 pursuant to a share repurchase program (the “2007 Repurchase Program”). The Company did not purchase any shares of its common stock under the 2007 Repurchase Program during the nine-month period ended September 30, 2011. As of September 30, 2011, the Company had purchased a total of approximately 1,075,000 shares of its common stock in open market transactions under the 2007 Repurchase Program for an aggregate purchase price of approximately $9,970,000, or an average cost of $9.27 per share. The repurchases were funded from the Company’s working capital, and the amount and timing of such repurchases depended upon the price and availability of shares, general market conditions and the availability of cash, as determined at the discretion of our management. The 2007 Repurchase Program does not have an expiration date, and the Company may discontinue or suspend the 2007 Repurchase Program at any time.