SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

SHARE-BASED COMPENSATION [Abstract]

Restricted Stock Activity

A summary of the status of the Company's restricted stock activity in 2015 is as follows:

	Shares of Restricted Stock			Weighted Average Grant Date Price per Share
Outstanding at January 1, 2015		-		$	-
Granted		167,040			14.15
Vested		(19,000	)		14.22
Outstanding at December 31, 2015		148,040		$	14.14
Expected to vest		148,040

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, 2014		1,598,191		$	7.16
Granted		-			-
Expired		-			-
Exercised		(221,754	)		3.94
Forfeited		-			-
Outstanding at December 31, 2015		1,376,437		$	7.68		6.1	$	6,483
Expected to vest		522,500		$	10.63		7.8	$	920
Exercisable at December 31, 2015		653,937		$	6.63		5.6	$	3,767

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, 2015		825,250		$	9.59
Granted		-			-
Forfeited		-			-
Vested		(325,250	)		7.79
Non-vested at December 31, 2015		500,000		$	10.76