Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Assumptions of Estimated Fair Value of Options

We used the following weighted average assumptions in estimating the fair values of the options granted in the periods indicated below:

	Nine Months Ended September 30,
	2013			2012
Stock Incentive Plans:
Expected volatility		66.0	%		59.0	%
Risk-free interest rate		2.64	%		1.64	%
Expected dividend yields		N/A			N/A
Expected lives		10 years			10 years

Summary of Stock Option Activity

The following table summarizes stock option activity during the nine month period ended September 30, 2013:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Average Intrinsic Value
Outstanding at January 1, 2013		433,000		$	3.60
Granted		8,000			3.87
Exercised		(25,500	)		0.95
Forfeited		(131,500	)		4.83
Outstanding at September 30, 2013		284,000		$	3.28		2.4 years	$	433,900
Exercisable at September 30, 2013		276,000		$	3.27		2.2 years	$	433,900
Options vested and expected, as of September 30, 2013, to vest thereafter		284,000		$	3.28		2.4 years	$	433,900

Summary of Share Based Compensation Option Unvested

A summary of the status of the Company’s unvested options as of September 30, 2013 and changes during the nine month period ended September 30, 2013 is presented below:

	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2013		8,000		$	1.28
Granted		8,000			2.82
Vested		(8,000	)		1.28
Forfeited		—			—
Unvested at September 30, 2013		8,000		$	2.82

Summary of Restricted Share Activity

A summary of the status of the Company’s restricted share activity follows:

	Shares			Weighted Average Grant Date Fair Values
Outstanding at January 1, 2013		312,501		$	3.39
Granted		167,500			2.96
Vested		(105,504	)		(3.29	)
Forfeited		—			—
Unvested at September 30, 2013		374,497		$	3.23