SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2016

SHARE-BASED COMPENSATION [Abstract]

Restricted Stock Activity

A summary of the status of the Company’s restricted stock activity in 2016 is as follows:

	Shares of Restricted Stock			Weighted Average Grant Date Price per Share
Outstanding at January 1, 2016		148,040		$	14.14
Granted		245,426			10.19
Vested		(42,575	)		13.60
Outstanding at December 31, 2016		350,891		$	11.44
Expected to vest		329,690

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 and Warrants

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, 2015		1,376,437		$	7.68
Granted		-			-
Expired		-			-
Exercised		(28,000	)		2.39
Forfeited		-			-
Outstanding at December 31, 2016		1,348,437		$	7.79		5.2	$	8,172
Expected to vest		292,500		$	11.56		7.0	$	670
Exercisable at December 31, 2016		855,937		$	7.53		5.2	$	5,410

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, 2016		700,000		$	8.66
Granted		-			-
Forfeited		-			-
Vested		(207,500	)		9.64
Non-vested at December 31, 2016		492,500		$	8.25