STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2013

STOCKHOLDERS EQUITY [Abstract]

Options granted, exercised, or expired

A summary of stock option activity follows:

	Number of Shares			Weighted-Average Exercise Price Per Share
Outstanding - January 1, 2011		89,500		$	30.32
Granted		50,000			10.79
Exercised		(5,000	)		15.50
Forfeited or expired		(23,000	)		28.67
Outstanding - December 31, 2011		111,500			22.57
Granted		130,000			13.15
Exercised		-			-
Forfeited or expired		(30,000	)		32.23
Outstanding - December 31, 2012		211,500			15.41
Granted		111,500			17.31
Exercised		(6,667	)		13.44
Forfeited or expired		(25,333	)		15.50
Outstanding - December 31, 2013		291,000		$	16.18

Additional information

The following table presents the Black-Scholes parameters for stock options granted during the past three years:

	2013			2012			2011
Risk-free interest rate		1.22	%		0.78	%		2.10	%
Expected dividend yield		-			-			-
Expected life in years		10			10			10
Expected volatility		42.95	%		43.03	%		42.60	%
Weighted average fair value	$	9.24		$	7.13		$	5.95

Summary of options outstanding and exercisable

The following summarizes shares subject to purchase from stock options outstanding and exercisable as of December 31, 2013:

		Outstanding					Exercisable
Range of				Weighted-Average					Weighted-Average
Exercise				Remaining	Weighted-Average				Remaining	Weighted-Average
Prices		Shares		Contractual Life	Exercise Price		Shares		Contractual Life	Exercise Price
$	10.00 - $14.00		140,000	8.2 years	$	12.01		30,002	8.3 years	$	12.68
$	14.01 - $20.00		121,500	9.5 years	$	17.12		3,334	8.7 years	$	14.97
$	20.01 - $30.00		5,000	5.1 years	$	28.30		5,000	5.1 years	$	28.30
$	30.01 - $40.00		24,500	2.3 years	$	32.87		24,500	2.3 years	$	32.87
			291,000	8.2 years	$	16.18		62,836	5.7 years	$	21.92