STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 3 - STOCK-BASED COMPENSATION

During the three month periods ended March 31, 2014 and 2013, the Company did not grant any stock options or issue any Common Stock awards.

The following is a summary of the changes in outstanding options during the three-month period ended March 31, 2014:

	Option Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding, January 1, 2014		633,188	$	6.76		4.8	$	951,000
Granted		—		—				—
Exercised		(1,500)		4.06
Forfeited		—		—
Expired		—		—
Outstanding, March 31, 2014		631,688	$	6.77		4.6	$	1,220,000
Vested and expected to vest, March 31, 2014		510,688	$	6.76		3.7	$	1,070,000

The following is a summary of changes in non-vested options for the three months ended March 31, 2014:

	Option Shares		Weighted Average Grant- Date Fair Value
Non-vested options, January 1, 2014		121,500	$	5.38
Granted		—		—
Vested		(500)		2.80
Forfeited		—		—
Non-vested options, March 31, 2014		121,000	$	5.39

The number of shares of Common Stock available for issuance under the 2012 Stock Incentive Plan as of March 31, 2014 was 199,512. At March 31, 2014, there were 113,500 options outstanding issued under the 2012 Stock Incentive Plan and 518,188 options outstanding issued under the 2002 Stock Incentive Plan.

Treasury Stock

On March 31, 2014 the Company received 792 shares of its Common Stock, tendered as payment for the exercise of options to purchase 1,500 shares of Common Stock. The value of the tendered shares of Common Stock, was approximately $6,000, and was based on the fair value of such shares, determined by closing price of the Company’s Common Stock on the day prior.   The Company recorded this transaction as an increase to its Treasury Stock.