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STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2013
STOCK BASED COMPENSATION  
Schedule of assumptions used to estimate fair value of stock options granted to employees and directors

The fair value of stock options granted to employees and directors was estimated on the dates of the grants using the Black-Sholes option pricing model with the following assumptions used for the grants made during 2013:

Risk free rate

   1.40% - 2.63%

Expected life

   5.7 - 7.8 years

Expected volatility

   84% - 111%

Expected dividend yield

   0.0%
Summary of stock options outstanding and changes during the period

 

 

 
   Outstanding Options  
 
   Number of
Shares		   Weighted
Average
Exercise Price		   Weighted Average
Remaining
Contractual Term
(Years)		   Aggregate
Intrinsic
Value		  

Options outstanding at January 1, 2013

     317,270   $ 24.62              

Granted

     65,000     2.86              

Exercised

     —     —              

Canceled or forfeited

     (72,791 )   25.90              
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Options outstanding at December 31, 2013

     309,479   $ 19.75     3.91   $ 16,700  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Options exercisable at December 31, 2013

     226,980   $ 25.57     2.01   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock options outstanding and currently exercisable

Stock options outstanding and currently exercisable at December 31, 2013 are as follows:

 
   Outstanding Options    
    
  
 
   Options Exercisable  
 
    
   Weighted Average
Remaining
Contractual Life
(in years)		    
  
Stock Option Plan
  Number of
Options
Outstanding		   Weighted
Average
Exercise Price		   Number of
Options
Exercisable		   Weighted Average
Exercise Price		  

1995 Stock Incentive Plan

     145,906     0.6   $ 13.46     145,906   $ 13.46  

2004 Stock Incentive Plan

     85,241     7.5     13.92     29,408     34.74  

2004 Director's Plan

     78,332     6.1     37.81     51,666     54.57  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     309,479     3.9   $ 19.75     226,980   $ 25.57  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the status of non-vested restricted shares

 

 

 
   Number of
Shares		   Weighted
Average
Grant Date
Fair Value		  

Non-vested at December 31, 2011

     33,315   $ 12.00  
           
​ ​ ​ ​ ​ ​ ​ ​

Granted

     40,727   $ 7.44  

Vested

     (33,172 ) $ 10.10  
           
​ ​ ​ ​ ​ ​ ​ ​

Non-vested at December 31, 2012

     40,870   $ 9.10  
           
​ ​ ​ ​ ​ ​ ​ ​

Granted

     330,000   $ 3.22  

Forfeited

     (4,220 ) $ 12.74  

Vested

     (32,499 ) $ 4.85  
           
​ ​ ​ ​ ​ ​ ​ ​

Non-vested at December 31, 2013

     334,151   $ 3.66  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​