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Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2012
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

 

 

 

 

 

 

 

For the six months ended June 30,

 

 

 

2012

 

2011

 

Number of options granted

 

 

 -

 

 

 67,000

 

Weighted average exercise price

 

$

 -

 

$

 6.66

 

Weighted average fair value of options

 

$

 -

 

$

 3.20

 

Expected life (years)

 

 

 -

 

 

 4.62

 

Expected volatility

 

 

 -

%

 

 57.69

%

Risk-free interest rate

 

 

 -

%

 

 1.28

%

Dividend yield

 

 

 -

%

 

 -

%

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

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2012

 

2011

 

2012

 

2011

Compensation expense

 

$

 35,249

 

$

 26,383

 

$

 75,464

 

$

 45,778

Income tax benefit

 

 

 14,079

 

 

 9,230

 

 

 28,397

 

 

 16,853

Transactions Under The Company's Stock Option Plans [Table Text Block]

Transactions under the Company’s stock option plans for the six months ended June 30, 2012 are summarized in the following table:

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted average exercise price

 

Weighted average remaining contractual life (in years)

 

Aggregate intrinsic value

Outstanding at December 31, 2011

 

 

 642,647

 

$

 6.80

 

 

 5.3

 

$

 517,867

Options granted

 

 

 -

 

 

 -

 

 

 

 

 

 

Options exercised

 

 

 (3,841)

 

 

 4.44

 

 

 

 

 

 

Options forfeited

 

 

 (9,666)

 

 

 6.16

 

 

 

 

 

 

Options expired

 

 

 (333)

 

 

 3.98

 

 

 

 

 

 

Outstanding at June 30, 2012

 

 

 628,807

 

$

 6.82

 

 

 4.6

 

$

 402,547

Exercisable at June 30, 2012

 

 

 516,225

 

$

 6.97

 

 

 3.7

 

$

 369,720

Information About Stock Options Outstanding [TableTextBlock]

The following table summarizes information about stock options outstanding at June 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding

 

Options exercisable

Range of exercise prices

 

Options outstanding

 

Weighted average remaining contractual life (in years)

 

Weighted average exercise price

 

Options exercisable

 

Weighted average exercise price

$

0.00 - 4.00

 

 

 122,083

 

 

 6.8

 

$

 3.87

 

 

 105,832

 

$

 3.86

 

4.01 - 8.00

 

 

 328,466

 

 

 5.0

 

 

 6.05

 

 

 232,135

 

 

 5.85

 

8.01 - 12.00

 

 

 121,617

 

 

 1.7

 

 

 9.22

 

 

 121,617

 

 

 9.22

 

12.01 - 16.00

 

 

 56,641

 

 

 4.2

 

 

 12.54

 

 

 56,641

 

 

 12.54

 

Total

 

 

 628,807

 

 

 4.6

 

$

 6.82

 

 

 516,225

 

$

 6.97

Information About Options Exercised [TableTextBlock]

The following table presents information about options exercised during the three and six months ended June 30, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2012

 

2011

 

2012

 

2011

Number of options exercised

 

 

 -

 

 

 191,895

 

 

 3,841

 

 

 232,367

Total intrinsic value of options exercised

 

$

 -

 

$

 669,799

 

 6,055

 

$

 751,146

Cash received from options exercised

 

 

 -

 

 

 440,541

 

 

 17,046

 

 

 442,905

Tax deduction realized from options exercised

 

 

 -

 

 

 262,223

 

 

 513

 

 

 294,713

Restricted Stock Grants [TableTextBlock]

Restricted stock awards granted during the six months ended June 30, 2012 and 2011 were as follows:

 

 

 

 

 

 

 

 

 

For the six months ended June 30,

 

 

2012

 

2011

Number of shares granted

 

 

 -

 

 

 22,500

Average grant date fair value

 

$

 -

 

$

 6.66

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

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2012

 

2011

 

2012

 

2011

Compensation expense

 

$

 37,754

 

$

 15,214

 

$

 81,112

 

$

 31,418

Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

Shares

 

Average grant date fair value

Nonvested restricted stock at December 31, 2011

 

 

 93,684

 

$

 6.06

Granted

 

 

 -

 

 

 -

Vested

 

 

 (7,859)

 

 

 6.93

Forfeited

 

 

 (2,000)

 

 

 6.25

Nonvested restricted stock at June 30, 2012

 

 

 83,825

 

$

 5.97