STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2014

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

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

NOTE 4 - STOCK-BASED COMPENSATION

During the three and nine-month periods ended September 30, 2014 and 2013, the Company did not grant any stock options.

The following is a summary of the changes in outstanding options during the nine-month period ended September 30, 2014:

		Weighted Average		Weighted Average Remaining		Aggregate Intrinsic
	Option Shares	Exercise Price		Contractual Life (Years)		Value
Outstanding, January 1, 2014	633,188	$	6.76		4.8	$	951,000
Granted	—		—
Exercised	(96,188)		7.76
Forfeited	—		—
Expired	(26,500)		8.06
Outstanding, September 30, 2014	510,500	$	6.51		5.0	$	1,303,505
Vested September 30, 2014	449,494	$	6.38		4.6	$	1,261,239

The following is a summary of changes in non-vested options for the nine months ended September 30, 2014:

			Weighted Average Grant-
	Option Shares		Date Fair Value
Non-vested options, January 1, 2014		121,500	$	5.38
Granted		—		—
Vested		(60,494)		4.62
Forfeited		—		—
Non-vested options, September 30, 2014		61,006	$	6.14

The number of shares of Common Stock available for issuance under the 2012 Stock Incentive Plan as of September 30, 2014 was 194,517. At September 30, 2014, there were 113,500 options outstanding, issued under the 2012 Stock Incentive Plan and 397,000 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.

Restricted Stock

On May 21, 2014, the Company granted 666 restricted shares of its common stock to each non-employee member of its Board of Directors totaling 3,330 restricted shares. These restricted shares cannot be traded earlier than the first anniversary of the grant date. The Company determined the fair value of these shares to be $7.43, which was the closing price of the Company’s Common Stock on the date of the grant. As a result of the aforementioned grants, the Company will recognize non-cash director fees expense of approximately $2,100 per month in its selling, general and administrative expenses through May 2015.