STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2012

STOCK COMPENSATION PLANS [Abstract]

Activity in stock option plans

Activity in our stock option plans for the period from January 1, 2009 to December 31, 2012 is summarized below.

	1998 Plan					2002 Plan					2012 Plan
	Number of Shares			Weighted Average Option Exercise Price		Number of Shares			Weighted Average Option Exercise Price		Number of Shares		Weighted Average Option Exercise Price
Outstanding at January 1, 2010		124,599		$	15.88		736,951		$	12.03		-	$	-
Granted		-		$	-		109,500		$	3.59		-	$	-
Exercised		-		$	-		-		$	-		-	$	-
Cancelled		(34,849	)	$	23.74		(271,651	)	$	14.78		-	$	-
Outstanding at January 1, 2011		89,750		$	12.83		574,800		$	9.12		-	$	-
Granted		-		$	-		179,000		$	2.45		-	$	-
Exercised		-		$	-		-		$	-		-	$	-
Cancelled		-		$	-		(129,100	)	$	14.29		-	$	-
Outstanding at January 1, 2012		89,750		$	12.83		624,700		$	6.15		-	$	-
Granted		-		$	-		181,500		$	4.40		-	$	-
Exercised		-		$	-		(33,104	)	$	3.86		-	$	-
Cancelled		(11,250	)	$	13.54		(70,499	)	$	12.45		-	$	-
Outstanding at December 31, 2012		78,500		$	12.73		702,597		$	5.17		-	$	-

Maturity schedule of exercisable options outstanding

Options outstanding as of December 31, 2012 are exercisable as follows.

	1998 Plan				2002 Plan				2012 Plan
Options Exercisable at:	Number of Shares		Weighted Average Option Exercise Price		Number of Shares		Weighted Average Option Exercise Price		Number of Shares		Weighted Average Option Exercise Price
December 31, 2012		77,800	$	12.73		314,825	$	5.17		-	$	-
December 31, 2013		700	$	12.73		164,458	$	5.17		-	$	-
December 31, 2014		-	$	12.73		145,114	$	5.17		-	$	-
December 31, 2015		-	$	12.73		78,200	$	5.17		-	$	-
December 31, 2016		-	$	12.73		-	$	5.17		-	$	-
Thereafter		-	$	12.73		-	$	5.17		-	$	-
Total options exercisable		78,500				702,597				-

Assumptions used to estimate the fair value of options granted

The fair value of options granted is estimated on the date of grant using the following assumptions.

	December 31, 2012		December 31, 2011		December 31, 2010
Dividend yield		N/A		N/A		1.78% - 5.80%
Expected volatility		39.79%		35.21% - 39.08%		73.13% - 82.36%
Risk-free interest rate		0.28%		0.20% - 0.25%		0.99% - 1.33%
Expected life (in years)		4.45		4.29 - 4.35		3.06 - 3.78

Summary of non-expired stock option plans outstanding

Summary information about the Company's stock options outstanding at December 31, 2012 follows.

					Weighted Average		Weighted
	Range of		Outstanding at		Contractual		Average		Exercisable at
	Exercise Price		December 31, 2012		Periods in Years		Exercise Price		December 31, 2012
1998 Plan	$	8.67 - $16.59		78,500		0.71	$	12.73		77,800
2002 Plan	$	2.45 - $13.24		702,597		5.90	$	5.17		314,825
2012 Plan		N/A		-		N/A		N/A		-