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Stock Based Compensation
6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation

Note 6 – Stock Based Compensation

 

The Company recognizes share-based compensation at the fair value of the equity instrument on the grant date. Compensation expense is recognized over the required service period. Share-based compensation expenses were $174,000 and $167,410 for the quarters ended June 30, 2014 and 2013, respectively. Share-based compensation expenses were $300,000 and $272,410 for the six months ended June 30, 2014 and 2013, respectively. During the three months ended June 30, 2014, the Company issued 42,500 options with a weighted average fair value of $3.36 per share. During the six months ended June 30, 2014 the Company issued 76,500 options with a weighted average fair value of $3.35.

 

As of June 30, 2014, there was a total of $874,191 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested share –based payments granted to the Company’s employees. The remaining unamortized expense is expected to be recognized over a weighted average period of approximately 3 years.