SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

SHARE-BASED COMPENSATION [Abstract]

Black-Scholes Option Valuation Assumptions

The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility	84%
Expected dividends	None
Expected term (in years)	6.25
Risk free interest rate	1.95%

The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility	85%
Expected dividends	None
Expected term (in years)	6.25
Risk free interest rate	1.33%

The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility	87%
Expected dividends	None
Expected term (in years)	6.5
Risk free interest rate	0.92%

The fair value of the 2011 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility	96% to 413%
Expected dividends	None
Expected term (in years)	5-10
Risk free interest rate	1.26% to 3.34%

The fair value of the 2010 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility	338% to 467%
Expected dividends	None
Expected term (in years)	5-10
Risk free interest rate	2.37% to 3.68%

Summary of Status of Stock Option Awards

A summary of the status of the Company’s stock option and warrant awards is presented below:

	Stock Options and Warrants			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life		Intrinsic Value (in thousands)
Outstanding at December 31, 2013		1,326,360		$	4.32
Granted		500,000			12.26
Expired		-			-
Exercised		(169,280	)		3.18
Forfeited		(58,889	)		7.56
Outstanding at December 31, 2014		1,598,191		$	7.16		6.8	$	12,050
Expected to vest		825,250		$	9.59		8.3	$	4,217
Exercisable at December 31, 2014		572,941		$	4.97		5.5	$	5,575

Summary of Status of Non-Vested Options

A summary of the status of the Company’s non-vested options that are expected to vest is presented below:

	Shares			Weighted Average Grant-Date Fair Value Per Share
Non-vested at January 1, 2014		585,504		$	5.07
Granted		500,000			12.26
Forfeited		(20,000	)		2.82
Vested		(240,254	)		4.80
Non-vested at December 31, 2014		825,250		$	9.59