STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2015, the Company did not grant any Common Stock options.

The following is a summary of the changes in outstanding options during the six-month period ended June 30, 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	(21,500)		3.05
Forfeited	—		—
Expired	—		—
Outstanding, June 30, 2015	483,500	$	6.67	4.2	$	1,366,000
Vested, June 30, 2015	459,660	$	6.59	4.1	$	1,356,000

The following is a summary of changes in non-vested options for the six months ended June 30, 2015:

		Weighted  Average Grant-
	Option Shares	Date Fair Value
Non-vested options, January 1, 2015	61,006	$	6.14
Granted	—
Vested	(37,166)		5.76
Forfeited	—
Non-vested options, June 30, 2015	23,840	$	6.72

The number of shares of Common Stock available for issuance under the 2012 Stock Incentive Plan (the “2012 Plan”) as of June 30, 2015 was 183,267. At June 30, 2015, there were 113,500 options outstanding issued under the 2012 Stock Incentive Plan and 370,000 options outstanding issued under the 2002 Stock Incentive Plan.

Restricted Stock

 Pursuant to the 2012 Plan, the Company, on May 20, 2015, issued 1,000 restricted shares of its Common Stock to each non-employee member of its Board of Directors, totaling 5,000 restricted shares. The Company determined the fair value of these shares to be $8.63, 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. The Company will ratably amortize the total non-cash compensation expense of approximately $43,000 in its selling, general and administrative expenses through May 2016.

The Company issued 2,500 restricted shares of its common stock to Joseph A. Molino, Jr., the Company’s Chief Financial Officer, in accordance with an Employment Agreement dated April 2, 2015. The Company determined the fair value of these shares to be $6.86, which was the closing price of the Company’s Common Stock on the date of the grant. These shares shall vest as to 833 shares on April 2, 2016, 833 shares on April 2, 2017, and 834 shares on April 2, 2018; provided, however, that 100% of the then unvested portion of the shares shall vest in the event of Mr. Molino’s death or termination due to disability or upon a Change in Control (as defined in the 2012 Plan). These shares cannot be traded earlier than the first anniversary of the grant date. The Company will ratably amortize the total non-cash value of approximately $17,000 as compensation expense in its selling, general and administrative expenses through April 2018.

Pursuant to the 2012 Plan, the Company, in May 2014, issued 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 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. These shares cannot be traded earlier than the first anniversary of the grant date. The Company ratably amortized the total non-cash compensation expense of approximately $25,000 in its selling, general and administrative expenses through May 2015.