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Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2013
Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted average exercise price

 

Weighted average remaining contractual life (in years)

 

Aggregate intrinsic value

Outstanding at December 31, 2012

 

 

516,332 

   

$

7.06 

   

 

5.4 

   

$

327,725 

Options granted

 

 

25,000 

   

   

6.02 

   

 

   

   

   

   

Options exercised

 

 

 -

   

   

 -

   

 

   

   

   

   

Options forfeited

 

 

 -

   

   

 -

   

 

   

   

   

   

Options expired

 

 

 -

   

   

 -

   

 

   

   

   

   

Outstanding at March 31, 2013

 

 

541,332 

   

$

7.01 

   

 

5.4 

   

$

391,318 

Exercisable at March 31, 2013

 

 

415,837 

   

$

7.21 

   

 

4.3 

   

$

363,559 

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

 

2013

 

2012

 

Number of options granted

 

 

25,000 

 

 

N/A

 

Weighted average exercise price

 

$

6.02 

 

$

N/A

 

Weighted average fair value of options

 

$

2.91 

 

$

N/A

 

Expected life in years (1)

 

 

5.11 

 

 

N/A

 

Expected volatility (2)

 

 

52.81 

%

 

N/A

%

Risk-free interest rate (3)

 

 

0.77 

%

 

N/A

%

Dividend yield (4)

 

 

 -

%

 

N/A

%

 

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

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

2013

 

2012

Compensation expense

 

$

35,020 

 

$

40,215 

Income tax benefit

 

 

13,987 

 

 

14,319 

 

Information About Options Exercised [Table Text Block]

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options.  The following table presents information about options exercised during three months ended March 31, 2013 and 2012:

 

 

 

 

 

 

 

 

   

 

For the three months ended March 31,

   

 

2013

 

2012

Number of options exercised

 

   

N/A

   

   

3,841 

Total intrinsic value of options exercised

 

N/A

   

$

6,055 

Cash received from options exercised

 

   

N/A

   

   

21,410 

Tax deduction realized from options exercised

 

   

N/A

   

   

513 

 

Information About Stock Options Outstanding [Table Text Block]

The following table summarizes information about stock options outstanding and exercisable at March 31, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

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

   

   

119,750 

 

   

6.1 

 

$

3.87 

 

   

119,750 

   

$

3.87 

 

4.01 - 8.00

   

   

256,675 

 

   

7.4 

 

   

6.47 

 

   

131,180 

   

   

6.59 

 

8.01 - 12.00

   

   

120,256 

 

   

1.0 

 

   

9.22 

 

   

120,256 

   

   

9.22 

 

12.01 - 16.00

   

   

44,651 

 

   

3.8 

 

   

12.62 

 

   

44,651 

   

   

12.62 

 

Total

   

   

541,332 

 

   

5.4 

 

$

7.01 

 

   

415,837 

   

$

7.21 

 

Restricted Stock Grants [TableTextBlock]

 

Restricted stock awards granted during the three months ended March 31, 2013 and 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

2013

 

2012

Number of shares granted

 

 

14,000 

 

 

N/A

Average grant date fair value

 

$

6.02 

 

$

N/A

 

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

 

 

 

 

 

 

 

   

 

Shares

 

Average grant date fair value

Nonvested restricted stock at December 31, 2012

 

   

90,975 

 

$

6.10 

Granted

 

   

14,000 

 

 

6.02 

Vested

 

   

 -

 

 

 -

Forfeited

 

   

 -

 

 

 -

Nonvested restricted stock at March 31, 2013

 

   

104,975 

 

$

6.09 

 

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

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

2013

 

2012

Compensation expense

 

$

47,935 

 

$

43,358