COMMITMENTS

12 Months Ended

Dec. 31, 2013

COMMITMENTS [Abstract]

COMMITMENTS

16.COMMITMENTS:   In March 2012, the Company reached a decision that made it probable that the employment agreement of its former chief operating officer would not be renewed, which effectively terminated his employment as of July 31, 2012. Pursuant to the terms of his existing agreement, the Company recorded an expense of $1,194,000 during the three months ended March 31, 2012, representing its estimated contractual obligation relating to the contract non-renewal. In addition, relating to the non-renewal, all of his unvested restricted shares vested as of July 31, 2012 which resulted in share based compensation expense of approximately $138,000. As of December 31, 2013, the liability associated with the non-renewal of the former chief operating officer contract was approximately $40,000.   From time to time, the Company may become a party to litigation or other legal proceedings that it considers to be a part of the ordinary course of business. The Company is not currently involved in any other legal proceedings that could reasonably be expected to have a material adverse effect on its business, prospects, financial condition or results of operations.   The Company also has employment agreements with two executive officers and four other principal officers. At December 31, 2013, the total contractual obligations under these agreements over the next two years is approximately $1,449,000. In addition, two executive officers are entitled to bonuses based on certain performance criteria, as defined, and five officers and five key employees are entitled to bonuses based on a percentage of earnings before taxes, as defined. Total bonus compensation expense was approximately $187,000 and $232,000 for years ended December 31, 2013 and 2012, respectively.