STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

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 month periods ended March 31, 2015 and 2014, 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, 2015:

		Weighted		Weighted Average
		Average		Remaining	Aggregate
		Exercise		Contractual Life	Intrinsic
	Option Shares	Price		(Years)	Value
Outstanding, January 1, 2015	505,000	$	6.51	4.8	$	1,232,000
Granted	—		—			—
Exercised	(6,500)		3.05
Forfeited	—		—
Expired	—		—
Outstanding, March 31, 2015	498,500	$	6.56	4.5	$	845,000
Vested, March 31, 2015	437,494	$	6.43	4.1	$	820,000

The following is a summary of changes in non-vested options for the three months ended March 31, 2015:

		Weighted Average Grant-
	Option Shares	Date Fair Value
Nonvested options, January 1, 2015	61,006	$	6.14
Granted	—
Vested	—
Forfeited	—
Nonvested options, March 31, 2015	61,006	$	6.14

The number of shares of Common Stock available for issuance under the 2012 Stock Incentive Plan as of March 31, 2015 was 194,517. At March 31, 2015, there were 113,500 options outstanding issued under the 2012 Stock Incentive Plan and 385,000 options outstanding issued under the 2002 Stock Incentive Plan.

Restricted Stock

Pursuant to the 2012 Plan, the Company, in May 2014, granted 666 restricted shares of its common stock to each non-employee member of its Board of Directors, totaling 3,330 restricted shares. The Company determined that the fair value of these shares was $7.43, which was the closing price of the Company’s Common Stock on the date of the grant. These shares cannot be traded earlier than the first anniversary of the grant date. As such, the Company is ratably amortizing the total non-cash compensation expense of approximately $25,000 in its selling, general and administrative expenses through May 2015.