Liability Associated with Non-renewal of Senior Officers' Contracts

6 Months Ended

Jun. 30, 2013

Liability Associated with Non-renewal of Senior Officers' Contracts [Abstract]

Liability Associated with Non-renewal of Senior Officers' Contracts

(NOTE 12) – Liability Associated with Non-renewal of Senior Officers Contract:

In March 2012, the Company reached a decision that made it probable that the employment agreement of its former chief operating officer would not be renewed, which effectively terminated his employment as of July 31, 2012. Pursuant to the terms of his existing agreement, the Company recorded an expense of $1,194,000 during the three months ended March 31, 2012, representing its estimated contractual obligation relating to the contract non-renewal. In addition, relating to the non-renewal, all of his unvested restricted shares vested as of July 31, 2012, which resulted in share based compensation expense of approximately $138,000. As of June 30, 2013, the liability associated with the non-renewal of the former chief operating officer contract was approximately $484,000.