STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2014

A summary of stock option activity follows:

	Number of Shares			Weighted-Average Exercise Price Per Share
Outstanding, January 1, 2012		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
Granted		-			-
Exercised		(18,735	)	$	13.18
Forfeited or expired		(21,165	)	$	16.95
Outstanding, December 31, 2014		251,100		$	16.33

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

The following summarizes shares subject to purchase from stock options outstanding and exercisable as of December 31, 2014:

		Outstanding					Exercisable
Range of Exercise Prices		Shares		Weighted-Average Remaining Contractual Life	Weighted-Average Exercise Price		Shares		Weighted-Average Remaining Contractual Life	Weighted-Average Exercise Price
$	10.00 - $14.00		120,000	7.1 years	$	11.97		63,336	7.2 years	$	12.28
$	14.01 - $20.00		104,100	8.5 years	$	17.33		35,104	8.5 years	$	17.35
$	20.01 - $30.00		5,000	4.1 years	$	28.30		5,000	4.1 years	$	28.30
$	30.01 - $40.00		22,000	1.6 years	$	32.69		22,000	1.6 years	$	32.69
			251,100	7.2 years	$	16.33		125,440	6.4 years	$	17.92

A summary of restricted stock activity follows:

	Number of Shares			Weighted-Average Grant-Date Fair Value
Nonvested, January 1, 2014		-			-
Granted		77,000		$	22.51
Vested		-			-
Forfeited or expired		(4,650	)	$	22.51
Nonvested, December 31, 2014		72,350		$	22.51