STOCK-BASED COMPENSATION

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2015, the Company did not grant any Common Stock options.

The following is a summary of the changes in outstanding options during the nine-month period ended September 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		(23,500)		3.11
Forfeited		—		—
Expired		(22,500)		16.68
Outstanding, September 30, 2015		459,000	$	6.19		4.2	$	1,720,000
Vested, September 30, 2015		435,160	$	6.08		4.0	$	1,687,000

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

			Weighted Average Grant-Date Fair
	Option Shares		Value
Non-vested options, January 1, 2015		61,006	$	6.14
Granted		—
Vested		(37,166)	$	5.76
Forfeited		—
Non-vested options, September 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 September 30, 2015 was 183,267. At September 30, 2015, there were 113,500 options outstanding issued under the 2012 Stock Incentive Plan and 345,500 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.