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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2012

Fair value of the options granted, determined, using weighted-average assumption

The fair value of the options granted during the three and nine months ended September 30, 2012 and the nine months ended September 30, 2011 was determined using the following weighted-average assumptions as of the grant dates. There were no options granted during the three months ended September 30, 2011.


	Three months ended September 30,			Nine months ended September 30,
	2012			2012			2011
Risk-free interest rate		1.16	%		1.16	%		2.98	%
Expected term (years)		7			7			7
Expected stock price volatility		76.42	%		76.42	%		46	%
Dividend yield		0.00	%		0.00	%		1.41	%

Summary of stock option activity in the Plans


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Intrinsic Value
Outstanding at beginning of year		43,298		$	24.87
Granted		30,000			1.35
Exercised		—			—
Expired		—			—
Cancelled or forfeited		(3,604	)		6.09

Outstanding at end of period		69,694		$	15.71		7.4	$	—

Expected to vest		37,000		$	1.87		9.6	$	—

Exercisable at end of period		32,694		$	31.38		4.8	$	—

Information related to the Plans


	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Weighted average fair value of options granted	$	0.94		n/a	$	0.94	$	3.75

Summary of changes in the Company's nonvested restricted shares


Nonvested Shares	Shares			Weighted Average Grant- Date Fair Value
Nonvested at January 1, 2012		4,800		$	6.88
Granted		—			—
Vested		(2,400	)		6.88
Forfeited		(1,000	)		7.25

Nonvested at September 30, 2012		1,400		$	6.61

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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