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STOCK COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
STOCK COMPENSATION PLANS [Abstract]  
Activity in stock option plans
Activity in our stock option and incentive plans for the period from January 1, 2011 to December 31, 2013 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
  
Fair Market Value at Grant
 
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 January 1, 2013
  
78,500
  
$
12.73
   
702,597
  
$
5.17
   
-
  
$
-
 
Granted
  
-
  
$
-
   
-
  
$
-
   
250,000
  
$
5.54
 
Exercised
  
(500
)
 
$
8.67
   
(165,577
)
 
$
7.15
   
-
  
$
-
 
Cancelled
  
(75,000
)
 
$
12.92
   
(13,499
)
 
$
5.41
   
(500
)
 
$
5.54
 
Outstanding at December 31, 2013
  
3,000
  
$
8.67
   
523,521
  
$
4.54
   
249,500
  
$
5.54
 
Maturity schedule of exercisable options outstanding
Options outstanding as of December 31, 2013 are exercisable as follows.

 
 
1998 Plan
  
2002 Plan
 
Options Exercisable at:
 
Number of Shares
  
Weighted Average Option Exercise Price
  
Number of Shares
  
Weighted Average Option Exercise Price
 
 
 
  
  
  
 
December 31, 2013
  
3,000
  
$
8.67
   
310,475
  
$
4.54
 
December 31, 2014
  
-
  
$
8.67
   
138,146
  
$
4.54
 
December 31, 2015
  
-
  
$
8.67
   
74,900
  
$
4.54
 
December 31, 2016
  
-
  
$
8.67
   
-
  
$
4.54
 
December 31, 2017
  
-
  
$
8.67
   
-
  
$
4.54
 
Thereafter
  
-
  
$
8.67
   
-
  
$
4.54
 
Total options exercisable
  
3,000
       
523,521
     
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, 2013
  
December 31, 2012
  
December 31, 2011
 
Dividend yield
  
N/A
 
  
N/A
 
  
N/A
 
Expected volatility
  
N/A
 
  
39.79%
 
  
35.21% -39.08%
 
Risk-free interest rate
  
N/A
 
  
0.28%
 
  
0.20% - 0.25%
 
Expected life (in years)
  
N/A
 
  
4.45
   
4.29 - 4.35
 
Summary of non-expired stock option plans outstanding
Summary information about the Company’s stock options outstanding at December 31, 2013 follows.

 
 
Range of
Exercise Price
  
Outstanding at
December 31, 2013
  
Weighted Average
Contractual
Periods in Years
  
Weighted
Average
Exercise Price
  
Exercisable at
December 31, 2013
 
1998 Plan
 
$
8.67
   
3,000
   
0.58
  
$
8.67
   
3,000
 
2002 Plan
 
$
2.45 - $13.24
   
523,521
   
5.35
  
$
4.54
   
310,475