STOCK BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2013

STOCK BASED COMPENSATION

Summary of stock options outstanding

	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term —in years	Aggregate Intrinsic Value
Options outstanding at January 1, 2013	317,270	$	24.62
Granted	60,000	2.85
Exercised	—	—
Canceled or forfeited	—	—
Options outstanding at March 31, 2013	377,270	$	21.16	4.2	$	—
Options exercisable at March 31, 2013	293,186	$	25.96	2.7	$	—

Schedule of stock options outstanding and currently exercisable

	Options Outstanding				Options Exercisable
Stock Option Plan	Number of Options Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise price		Number of Options Exercisable	Weighted Average Exercise Price
		(in years)
1995 Stock Incentive Plan	183,406	1.4	$	13.08	183,406	$	13.08
2004 Stock Incentive Plan	95,741	8.0	16.26		36,657	37.21
2004 Directors’ Plan	98,123	5.9	41.05		73,123	52.62
	377,270	4.2	$	21.16	293,186	$	25.96