STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY [Abstract]

Activity of Non-vested Restricted Stock and RSU Awards

A summary of the activity for non-vested restricted stock and RSU awards is as follows:

	Shares			Grant Fair Value
Balance, January 1, 2017		61,098		$	8.03
Granted		9,005			8.05
Vested		(33,300	)		8.14
Balance, December 31, 2017		36,803		$	7.93
Balance, January 1, 2018		36,803		$	7.93
Granted		654,000			5.31
Vested		(33,086	)		7.94
Balance, December 31, 2018		657,717		$	7.39
Balance, January 1, 2019		657,717		$	7.39
Granted		46,179			5.67
Forfeited		(5,319	)		5.64
Vested		(93,408	)		7.39
Balance, December 31, 2019		605,169		$	7.27

Non-vested, Service-based Stock Awards

As of December 31, 2019, there was unrecognized compensation cost related to non-vested, service-based awards of $2.8 million which will be recognized over 3.6 weighted average years in each of the following years:

Unrecognized Expense
2020	$	777,537
2021		758,325
2022		721,284
2023		509,910
	$	2,767,056

Summary of Stock Option Transactions

A summary of stock option transactions for the year ended December 31, 2017 is as follows (no amounts shown for 2018, as the plan was terminated in March 2017):

	Option			Weighted Average
	Shares			Exercise Price
Outstanding at January 1		56,400		$	5.14
Granted		-			-
Forfeited or cancelled		(12,000	)		5.14
Exercised		(44,400	)		5.14
Outstanding at December 31		-		$	-
Exercisable at end of year		-		$	-
Weighted-average fair value of
options granted during year		n/a

Share Repurchase Program by Period

For the years ended December 31, we repurchased the following shares:

Year ended December 31,	Total shares repurchased		Average price per share
2019		131,782	$	5.58
2018		243,387	$	6.79