STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 8 — STOCK-BASED COMPENSATION

The following table summarizes the activity for the outstanding stock options for the six months ended June 30, 2012:

			Weighted -
			Average
	Number of		Exercise
	Shares		Price
Outstanding, December 31, 2011	1,156,621		$	3.90
Granted	—		n/a
Exercised	(44,036	)	1.69
Expired	(12,974	)	6.15
Forfeited	(76,787	)	4.91
Outstanding, June 30, 2012	1,022,824		$	3.89

As of June 30, 2012, outstanding exercisable options had an intrinsic value of $755,118 and a weighted-average remaining contractual life of 3.12 years.

Total unrecognized compensation expense related to all share-based awards outstanding at June 30, 2012, was approximately $161,203 and will be recorded over a weighted average contractual life of 1.16 years.